Unocoin is one of the leading providers of Bitcoin services in the country. The Bengaluru-based company allows users to purchase and store bitcoin through the application, open a merchant’s account to accept bitcoin in transactions, and allows users to send bitcoin to each other. All of this is possible through a mobile application, that has just been launched for free on Android and iOS.
The timing of the launch is appropriate considering the demonetisation of currency notes, the growth of cashless transactions, and the increase in interest around Bitcoin.
Unocoin wants to accelerate the adoption of the cryptocurrency, particularly among mobile users. Trades can be executed in real time, and there is constant monitoring of the bitcoin prices. Merchants who receive bitcoin can convert it immediately to Indian currency to shield themselves fro fluctuations in the value of Bitcoin. There is a feature to request Bitcoin from contacts as well. DTH services and mobile recharges are supported transactions from within the app itself.
“As of now, there are more than 1 billion Indians who use mobile phones. More than 300 million use their phones regularly for accessing the internet,” says Abhinand Kaseti, Co-Founder and CMO of Unocoin. “This trend is expected to go up by 56% per year. We focused on creating a design and interface that provided a seamless user experience on mobile. Customer satisfaction, easy navigation and user simplicity are the most important tenets to us, and we wanted to provide an even more convenient way for users to access and manage their digital currency portfolio when a home or work computer is out of reach.”
Sign up involves authenticating an email id, but there is also a verification step that requires users to feed in personal documents into the application. Bank accounts can be linked to the app. The security feature on the application is pretty solid, with a six digit passcode demanded every time the application is opened on Android, and TouchID authentication on iOS. Users can add and withdraw INR from the application. There is support for profiles and transaction histories.
The systemic investment plan (SIP) in the application allows users to periodically invest in Bitcoin, on a daily, weekly or monthly basis. The dashboard shows historic trends and current prices. Bitcoin prices have been rising constantly for the past few months. The application allows users to convert bitcoin into INR, or INR into bitcoin.