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Bitxoxo, India- based real time bitcoin exchange has announced the launch of prepaid bitcoin gift cards. Launched in July 2016, Bitxoxo has since then enabled users to make payments and withdrawals through Immediate Payment Service (IMPS) – an interbank electronic fund transfer service via mobile devices, internet banking, and ATMs. The platform enables users to purchase, sell, or gift bitcoins free of charge.
Post demonetization in India in November 2016, the demand for bitcoins grew significantly, apart from mobile wallets. During the initial days of demonetization in Q4 2016, Indians also ended up paying premium prices for bitcoin, displaying the demand for bitcoin currency in the country.
Other bitcoin startups in India, Zebpay, Unocoin, and Coinsecure have also witnessed an increase in new users – a majority of them between ages 18 and 35. To expand user base and increase awareness about this universal currency, Bitxoxo is also conducting workshops and seminars on bitcoin in colleges, universities, and companies across the country.
PayNXT360 believes this is an interesting launch at a time when gift card segment is growing strongly in India. This initiative will change the competitive landscape along with rate of innovation in the market.
Indian gift card market in terms of transaction value is expected to record a CAGR of 33.0% during 2017-2021 to reach US$ 9,363.7 million by 2021, increasing from US$ 2,995.6 million in 2017. Over the last five years the sector has recorded a CAGR of 33.3%, increasing from US$ 692.5 million in 2012 to reach US$ 2,184.5 million in 2016.
To know more and gain deeper understanding of prepaid gift card industry in India, click here.
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