Payza is a popular payment processor like Payoneer & PayPal.
They are used by people all around the globe to receive money overseas, from contractors to advertisers.
The big news with Payza is that they have integrated Bitcoin support.
In fact, for many countries, they have made it a lot easier to buy, sell, and exchange fiat money into Bitcoin.
And now you can send/receive Bitcoin using Payza.
Since Payza is a fast growing payment processor, by adopting Bitcoin, they have definitely taken the right step toward a bright future.
At the same time, they have enabled users around the globe to quickly buy, exchange, and hold Bitcoin.
At the time of this writing, here are some things you can do with the Payza Bitcoin service:
- Convert fiat currencies into Bitcoin.
- Use Payza as a Bitcoin wallet.
- Exchange Bitcoin into fiat currencies (sell bitcoins).
- Send bitcoins to other Payza users from existing funds (receiving fees are 1.2%).
- Buy Bitcoin using the Payza platform.
Note: Payza supports adding funds using a credit card, but you can’t use it to purchase Bitcoin from Payza.
Since I’m a long time Payza user, I personally find this news pretty interesting and a right step toward a wider adoption of Bitcoin.
I had $30 in my Payza account and decided to test out its currency exchange feature to purchase Bitcoin.
In the next section, you will learn:
- How to buy Bitcoin on Payza using existing funds (you can add funds, too).
- How to withdraw Bitcoin from Payza to any Bitcoin wallet.
How To Use The Payza Currency Exchange Feature To Get Bitcoins
You can exchange your existing funds in your Payza account into bitcoins or you can add funds and convert them into bitcoins.
In this case, I’m converting existing funds into bitcoins.
- Log in to your Payza account.
- If you haven’t verified your account yet, then do that.
- Click on Wallet > Balances on the left bar.
- Click on Exchange Currencies.
Click on Next.
On the next screen, you will see the current conversion rate.
In my case, the conversion rate was 10% higher than the current market rate!
Click on Confirm.
Payza will instantly convert your selected currency into bitcoins.
You will also see the detailed conversion rate on the next page.
Here is what I got after converting $30 into Bitcoin:
Note for Indians:
Since I’m from India & they offer INR deposit, I thought it could be used for purchasing Bitcoin. However, that’s not the case.
You can’t convert INR into another currency or use it to purchase Bitcoin on Payza.
You can only use INR to send money to other Payza users.
Withdrawing Bitcoins From Your Payza Account To Your Wallet
You can hold your Bitcoin in your Payza account for as long as you want, however, I don’t recommend it.
And Withdrawing funds is easy. Simply follow the instructions shown in the below screenshot to withdraw your bitcoins into any Bitcoin wallet:
Bitcoin withdrawal takes 1-3 business days to process, and your exchange rate will be locked in at the moment your transaction is created so you don’t need to worry about price fluctuations.
Conclusion:
Payza adding Bitcoin support is a bold move & something I would like to see other payment processors like Payoneer & PayPal adopt in the coming days.
For now, this will help many users start buying & holding Bitcoin.
The fees makes purchasing Bitcoin harder, but that’s a small price to pay when you don’t want to get into the mumbo-jumbo of buying & holding Bitcoin.
What’s your view on popular payment processors adopting Bitcoin? Do you see other payment processors following the lead of Payza in the near future? Let me hear your thoughts in the comments!
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Bro iam confused iam also indian..if i add fund to payza in inr. I cant convert it to isd or bitcoin.anathr prob if i add fund with debit/credit card evrn not able to buy btc. So how i buy bitcoin in payza..how i add usd to my ac..wht is the process of add usd to payza ac in indian ppl.kindly explained me. thanks for ur help
Help me to buy btc in payza .as iam indian how i converted my inr to usd
@Rahul
You can’t buy BTC on Payza using INR. See my notes in the article regarding INR deposits.
Hi, nice article. A solution needs to be found regarding an issue. The popular BTC merchants in India(ZBPY & UNO) offer instant checkouts. But they generally demand INSANE huge markup. I wanted to save on that. It is probably one of the things most Indians who are aware of BTC and the unjust exchange rate want a solution for. Sometimes there are exchange rate differences of a 100$. A 100$ !!!! 100$ does not rain during the monsoons.
Be it Payza, Skrill, or anything else, we need to find a solution where we have a much more justified exchange rate for INRBTC, even if that requires some work.
Once again, thank you for the nice write up, and wishing you the best in your journey with basilpuglisi.info.
@Sam
Even I hate the insane markup charged by Unocoin, Zebpay. I wish in future we get an exchange that levels the pricing difference between Indian & US market. Hopefully, this happens soon!
i have some btc in my some site now i want to widthraw them so tell me how can i widthraw my btc in my payza account
To Add Bitcoin to your Payza account from a Bitcoin Wallet, follow these steps:
In your Payza account, click “Add Funds” in the top menu, then select “Bitcoin”.
Select whether you’d like the funds to be deposited in Bitcoin or to be converted into USD.
Enter the deposit amount (in Bitcoin), and click “Next”.
Review the details, enter your Transaction PIN, and click “Deposit”.
Payza will provide you with a unique Bitcoin address for you to send your Bitcoins and a set of instructions for completing your transaction.
Hi Greeting, Why do you NOT recommend to hold Bitcoin on payza for a long period of time?
I believe Payza doesn’t give you access to private keys or seed words so in reality they are a custodian of your BTC and you actually don’t own it until you transfer to a wallet like Ledger Nano S or Mycelium.