Indian bitcoin startup Unocoin, which is an exchange service for users to buy and sell bitcoins, and also is a wallet service as it has a native wallet for users to store and use their bitcoins, is launching a point-of-sale mobile application for merchants.
Unocoin which is based in Tumkur, India, is a Boost VC funded startup focused on the Indian bitcoin market. Boost VC is an accelerator who invests in startups who are using emerging technologies, such as bitcoin and blockchain. Boost VC recently revealed stats that they have invested over $50 million in blockchain startups, including Unocoin.
Over the past year, Unocoin’s web traffic has increased by more than 500%. They added more than 6,000 users just last month alone. While the company’s vision is to bring bitcoin to billions, it is now aiming to make physical stores and merchants in India easier to accept bitcoin. This is presently unmarked territory in India, according to Unocoin.
The merchant POS flow is illustrated in this graphic from Unocoin, which shows the process from installing the app to reconciliation.