Paid By Coins provide a simple, cost effective and secure payment portal allowing consumers to use their cryptocurrency to pay their bills via BPAY or pay directly to any Australian bank account.
The Paid By Coins platform makes the process simple as it offers an intuitive interface for consumers familiar with BPAY. Currently users can choose to pay with Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple, with additional cryptocurrencies planned for the coming months.
Paid By Coins is playing an important role in the blockchain industry by facilitating easy spend of cryptocurrencies. It is also a safer and cheaper option for merchants that are receiving payments by credit card. With strict security checks and no merchant fees payable, more companies should be looking at using Paid By Coins to receive payments.
Recently I caught up with Olli Paakkanen, Paid by Coins Business Manager ANZ, to ask him about the business.
How does Paid By Coins work?
Paid by Coins makes it easy for anyone who owns cryptocurrency to put it to practical use like paying bills and transferring to bank accounts. In addition we are soon offering Gift Card purchases on our website. It removes the need for consumers to convert their coins to Australian dollars on a cryptocurrency exchange and instead allows cryptocurrency traders direct access to a family payment gateway. As a holder of an Australian Financial Services License, we can offer our customers payments up to a threshold of AU$50k per transaction.
Many companies have concerns about the risks associated with receiving payments in cryptocurrencies. From a company risk perspective, how does cryptocurrency payments via Paid By Coins compare to receiving credit card payments?
Paid By Coins is secure and simple to use, so it reduces the cost and time for people who want to use their cryptocurrency. Our solution removes the risk from merchants by performing KYC (Know Your Customer) best practices and transferring the purchase amount in Australian dollars onto the merchant’s bank account. The receiving companies do not touch any of the crypto payments. Furthermore, Paid By Coins does not charge any merchant fees so the merchant receives the payables in full amount. Paid by Coins fully eliminates fraudulent charge-back activities and KYC practices ensure all transactions are legitimate.
What sort of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) checks does Paid By Coins have in place?
Paid By Coins takes the AML/CTF directives very seriously, has no appetite for ML/TF risk and is fully committed to avert systems and environments that may enable ML/TF activities. Our adherence to the AML/CTF Act and AML/CTF Rules is based on three lines of defence, being (1) Due Diligence on all employees and customers and meticulous AML/CTF Risk Awareness training for all employees, (2) Ongoing risk assessment and monitoring of transactions and customer behaviours and (3)
independent reviews. In full adherence with the AML/CTF Act and the AML/CTF Rules, this is fully documented in Part A and Part B of our AML/CTF Program which is reported to AUSTRAC annually.
Who are some of the companies who have adopted Paid By Coins?
Given that we are only 12 months young, we have managed to sign up Australia’s leading gift card provider Prezzee, Piper Alderman law agency, and Crypterium payment platform to mention a few. We have witnessed strong interest and appetite by enterprises in wanting to unlock Australia’s cryptocurrency holdings.
Paid By Coins has started in Australia. What are the plans for global expansion?
We have already registered in Europe and have identified opportunities to expand in Singapore and South Africa as well.
For more details about Paid By Coins, or to spend some cryptocurrency clearing those bills, visit www.paidbycoins.com
Philip Shelper is a loyalty management consultant based in Sydney, Australia who obsesses about everything to do with loyalty and rewards. His company Loyalty & Reward Co are a leading loyalty consulting firm.
Phil is the author of Blockchain Loyalty: Disrupting loyalty and reinventing marketing using cryptocurrencies. Buy the book.
www.blockchainloyalty.io is a global resource centre for everything blockchain loyalty.