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In a move expected to revolutionise mobile payments in India, Flipkart has unveiled a new payment system that will enable Bitcoin transactions. This revolutionary new approach, scheduled to be live in March 2017, signals a significant shift for Flipkart and might pave the way for other online shops to use Bitcoin. To learn more about bitcoin evolution and trading, and know the business effect of bitcoin.
Details regarding the new payment system are forthcoming, but it is evident that Flipkart is ready to profit from Bitcoin’s rising popularity in India.
What is Bitcoin mobile payment on Flipkart, and how does it function?
Using Bitcoin to settle your mobile phone bill through Flipkart is a novel option. In a few clicks, you can pay your phone bill in a quick, safe, and convenient manner; only a Bitcoin wallet and an Internet connection are required.
Visit the Flipkart mobile payment page, select Bitcoin as your payment method, and then input your phone number to get started; you will then be able to enter the desired payment amount and confirm the transaction. The transaction will be handled promptly, and the funds will be paid directly to your phone provider.
How secure is the new Bitcoin mobile payment method for Flipkart?
One of the most crucial measures of a mobile payment system’s security is whether or not it is based upon a secure foundation. For example, the blockchain is the cornerstone of Flipkart’s new Bitcoin-based mobile payment system.
A global network of computers maintains the blockchain. This distributed database records all Bitcoin transactions and implies that there is no central server that might be hacked or shut down, and it also makes it exceedingly difficult to commit fraud or theft.
For instance, all payment information is encrypted and stored offsite, preventing hackers from accessing it. In addition, clients have the option to set up two-factor authentication, which adds a degree of security.
The new mobile payment system of Flipkart appears to be highly secure. However, it is essential to note that no technique is 100% foolproof. If you intend to use Flipkart for financial transactions, you should always take precautions such as having a secure password and keeping your device locked when it is not in use.
What are the advantages of utilising Bitcoin for mobile payments on Flipkart?
The advantages of utilising Bitcoin for mobile payments on Flipkart are; that Bitcoin is a private and secure payment method for goods and services, and Flipkart Pay is a convenient method for purchasing goods and services with a mobile phone. In addition, PhonePe enables users to transfer and receive money, pay for utilities, and make online purchases.
Bitcoin is a decentralised currency, meaning it does not have a central bank or single administrator. Instead, transactions are confirmed via cryptography by network nodes and stored in a public distributed ledger known as a blockchain.
PhonePe, a mobile payments platform built by Flipkart, powers Flipkart Pay. PhonePe enables users to transfer and receive money, pay for utilities, and make online purchases. It also includes a chat function that allows users to communicate with their friends and relatives.
Who may use Bitcoin mobile payments on Flipkart?
The mobile payment app for Flipkart is accessible to all Indian citizens, and bitcoin can be used to purchase products and services. The application enables Bitcoin payments via QR code or your Flipkart wallet.
There are no spending restrictions, and you can even use the app to pay for your Flipkart Plus membership. You can also use the app to shop at other Bitcoin-accepting merchants; visit the website for a comprehensive list of businesses that take Bitcoin.
Are there any limits on using Bitcoin to make mobile payments on Flipkart?
Yes, there are no limits on utilising Bitcoin for mobile payments on Flipkart. For instance, it cannot be used to acquire digital products and services. Additionally, Bitcoin may only be used to purchase goods and services in Indian rupees (INR); it cannot be used to purchase goods and services in other currencies, and lastly, Flipkart does not presently offer recurring Bitcoin payments, so you will need to make each purchase individually.
Conclusion
The new Bitcoin mobile payment option on Flipkart is an excellent method to pay for online goods. It is quick, practical, and secure. You can also use it to send money to family and friends with Bitcoin wallets. Overall, the new Bitcoin mobile payment option on Flipkart is a welcome addition to the site’s existing payment options.
