UPDATED 18:38 EDT / SEPTEMBER 04 2014

BitPay partners with Alternet Payment Systems for global reach of payment processing

bitpayBitPay today announced a strategic partnership with Alternet Payment Systems, Inc. to facilitate worldwide business processing of bitcoin. Alternet Payment Solutions, a subsidiary of APS, Inc., will be working with BitPay to launch its global payment processing business.

As Alternet has a great deal of experience with digital currencies and mobile markets, the company is hoping to use BitPay’s expertise with bitcoin to expand its client base. The company seeks to expand its role by being able to help businesses convert local currency to bitcoin and bitcoin to fiat currencies in the Americas from Greenland to Terra del Fuego and the Asia-Pacific region.

Henryk Dabrowski, CEO of Alternet, showed particular interest in reaching out into the Latin American, Caribbean, and Asia-Pacific markets.

“With Alternet’s experience in disruptive payment technologies and a network that spans many countries that contain leading mobile operators, financial service providers and banks; we believe APS will rapidly deploy BitPay’s solutions in these markets,” Dabrowski said.

As a born-digital currency, bitcoin can be easily used by mobile users to make payments or remittances. As a result, bitcoin integrates easily with smartphone apps and has a strong play for mobile payments.

Latin American market growing mobile use and bitcoin adoption

 

Mobile phones are particularly common (and spreading) across the Latin American market with 53.5% of the population (or nearly 238 million people) sporting mobile devices, according to a November 2013 GSMA report. Those numbers are projected to reach 374.3 million by 2017. Brazil, Argentina, and Mexico lead mobile users and, according to a Statistica e-commerce report, shows a speculative trend reaching 22 million mobile payment users by 2016 rising from 7 million in 2011.

By helping Alternet reach out into the Latin American market sooner, BitPay is getting bitcoin into the open slope of a rising trend when it comes to mobile e-commerce. And, on the bitcoin front, the virtual currency is gaining interest in Brazil and Argintina. The first of Latin America’s Bitcoin ATMs was installed in the city of São Paulo during the month of January. And, Mexico’s first Bitcoin exchange, MEXBT.com, launched in April.

Numerous merchants are already pushing globally to offer products for bitcoin—from just this year Newegg, Tigerdirect and Dell not just started accepting bitcoin but began reaching out to global markets. With this rate of adoption, it may not be long before mobile customers in Latin America and Asia-Pacific have access to more places to spend bitcoin.

BitPay already provides payment processing services for over 40,000 businesses and over $1 million in bitcoin sales each day. The company hopes by opening up payments to more markets it will only serve to increase revenue and deepen client reach.


A message from John Furrier, co-founder of SiliconANGLE:

Your vote of support is important to us and it helps us keep the content FREE.

One click below supports our mission to provide free, deep, and relevant content.  

Join our community on YouTube

Join the community that includes more than 15,000 #CubeAlumni experts, including Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many more luminaries and experts.

“TheCUBE is an important partner to the industry. You guys really are a part of our events and we really appreciate you coming and I know people appreciate the content you create as well” – Andy Jassy

THANK YOU