AUGUST 29 2013 News Release – Vancouver, BC
The mood towards digital currencies is more relaxed here in Canada, and Vancouver based CashSender (an online payment system launched in 2010) has just launched its new bitcoin online payment service to serve a growing gap in the marketplace.
By their very nature, bitcoins were born from adopters’ desire to be freed from high payment fees and steep international money transfer costs. Bitcoin adopters easily can send and receive payments between their digital currency wallets with nominal fees.
Whilst the web has proliferated with online payment systems offering all sorts of credit card and currency payment options in countries all over the world, digital currency based payment systems for online merchants are few and far between.
CashSender’s new service allows online merchants who sell goods and services via websites and automated shopping carts to incorporate bitcoins as a payment option for their customers.
According to CashSender founder Henry Tenby, the new bitcoin service “will help companies open new markets and reach new customers in the global marketplace, which were previously constrained due to currency
“Examples are many” explained Tenby. “The Indian banks control the money remittance market in and out of India. My company was blocked from getting a bank account in that country, and we could not serve that market. With bitcons we can now serve online merchants in India from our base in Canada, without having a banking presence in that country. And the same dynamic applies in China, Australia, New Zealand and even the UK.”
Whether governments like it or not, bitcoins (and other digital currencies) now allow merchants to engage in true global e-commerce by by-passing national currency restrictions that governments would like to impose on their citizenry. CashSender is a registered money transmitter in Canada and all payments including bitcoin payments still comply with Canadian FINTRAC rules.
CashSender’s new bitcoin service can also help forward thinking companies be the first in their industries to accept bitcoin payment for goods and services. Take the airline industry. Customers are tired of paying fees on top of fees. Credit card fees have to be included in the cost of service, as there is no airline here in Canada offering a discount for cash buyers.
According to Tenby, “the CashSender bitcoin service would allow an airline to accept automated bitcoin payments for ticket purchase (using our IPN), and at the same time offer customers a discount.” He further stated “this would be an industry first, and would certainly bring a valubale PR benefit.” The airline industry is one of many that would benefit customers by introducing digital currency as a payment method.