Payment Processor Payza's Bitcoin Transactions Rise 20% Per Month

The number of bitcoin transactions processed by global online payment processor Payza has been rising by around 20% per month, the company has revealed.

Payza, which serves 100,000 online merchants, also noted payments in the digital currency represent approximately 10% of its monthly withdrawal and deposit volume.

Payza first introduced its bitcoin purchase option in August 2014, enabling users to buy bitcoin using funds in their Payza account. Two months later, the company introduced a bitcoin selling option.

Robert Elbaz, interactive marketing strategist at Payza, told CoinDesk:

"The volume we've seen since opening up bitcoin withdrawals and deposits has been very encouraging. In nine months, since launching the withdrawal option, and even since launching deposits, we've had members from over 100 countries take advantage of the new features."

He went on to say he is excited about the possibilities cryptocurrencies present for e-commerce.

"We've been monitoring the evolution of cryptocurrencies for some time and made the decision to get involved in bitcoin in January 2014," Elbaz added.

Bitcoin checkout option

Payza is set to launch a bitcoin checkout option this week, enabling consumers to pay for goods on its merchant partner sites in the digital currency.

To begin with, Payza will exchange the bitcoin payments into fiat immediately, so merchants will only receive payment in fiat. However, the company is looking into the possibility of giving merchants the opportunity to receive payments in bitcoin.

The payment processor is also interested in entering the wider crypto world, as Elbaz said the company could potentially adopt other digital currencies, although this would be subject to demand.

Firoz Patel, executive VP of strategic partnerships and corporate affairs at Payza, concluded:

“We believe in the potential of cryptocurrencies. Offering services that revolve around bitcoin and other digital currencies is a natural step that all online payment platforms will need to take.”

Graph image via Shutterstock.