The new digital banking platform that will soon launch in India has been designed to make it easier for businesses to accept digital payments, with the aim of reducing the amount of paperwork and red tape associated with doing so.
The new bank, called MoneyGram, will allow businesses to create virtual currencies, which can then be used to pay bills or fund their businesses.
A virtual bank can be used by businesses to pay for goods and services with bitcoins, and then send bitcoins to customers, according to MoneyGrams co-founder Vijay Srivastava.
“There is no bank in the world that is completely free of banking transaction fees,” he said.
With MoneyGams, companies can now pay customers directly using bitcoins, while also being able to pay through a third party platform.
MoneyGrams is an extension of the popular virtual banking platform called ‘virtual cash’.
The two companies will soon be able to offer the same features as traditional banks, but with a much simplified interface.
Srivastav said that MoneyGoms platform will allow customers to create digital currencies and that the payment will be made via bitcoins.
“You can use a credit card or debit card to send money.
That’s the core of it.
The problem is, there are so many transactions that are going on with credit cards,” he told Business Insider.
“The money will then be sent to the wallet where the company is storing the money.”
So, this is how you create a new money,” he added.
So, you can use your debit card, you will pay with your bitcoin, and the transaction will be verified and approved in real time.””
We are making it so that all the transactions can be done on your behalf.
So, you can use your debit card, you will pay with your bitcoin, and the transaction will be verified and approved in real time.”
When the payment is approved, we can send bitcoins directly to the customer,” he explained.”
And, this has never been done in the history of financial transactions.
“A company can accept bitcoins as payment, which means that there will be no need to send bank accounts or other intermediaries through a payment processor.
The platform also has a secure mechanism for paying for services by sending bitcoins to the recipient directly.
In the future, businesses will be able accept payments using bitcoins directly through MoneyGombans platform, while businesses can pay customers using the same method.””
Now, you are no longer the one who has to deal with the banking process, you just use the money,” Srivasta said.
In the future, businesses will be able accept payments using bitcoins directly through MoneyGombans platform, while businesses can pay customers using the same method.
“If you want to send bitcoins, you have to go to a payment platform, and that’s the same thing you do with credit card transactions,” Sivastava said.
“When the money is transferred, you do not have to wait for a bank account to get approval, and so you can pay your bills from your mobile phone.”
In this scenario, customers don’t need to go through intermediaries.
They can use this virtual bank to pay their bills.
It is very difficult for us to build this platform, we don’t have a lot of funds, and there is a lot that needs to be done before it can be rolled out.””
Right now, it is in beta,” he noted.
“It is very difficult for us to build this platform, we don’t have a lot of funds, and there is a lot that needs to be done before it can be rolled out.”
MoneyGram is currently seeking $100,000 in funding.
Featured image credit: Getty Images.