While the cryptocurrency trade is yet to be regulated in India, several companies are making their first move to tap the growing user base. Some have started accepting payments while several others are contemplating to do so. After the Supreme Court last year reversed a Reserve Bank of India (RBI) order, allowing the trade in these digital assets, the number of crypto investors in the country has seen a rapid rise. Though most people are driven by the urge to make quick profits, this has led to cryptocurrency gaining wider acceptance.
Still, crypto trading is at a very nascent stage in India compared to some other developed economies. Let's look at some of the companies that have begun accepting virtual coins.
1. The Rug Republic
The Delhi-based decor brand, The Rug Republic is among the latest to join the crypto bandwagon. It has decided to accept payments in the top 20 cryptocurrencies as per market capitalisation for its products. The company is using WazirX and Binance platforms for transactions, but planning to develop an in-house payment system.
HighKart is one of India's first e-commerce platforms to accept payments in bitcoin. Launched by a Delhi-based entrepreneur in 2013, the store deals in mobiles, cameras, clothes, electronics and computers.
Purse is another online store that sells electronic devices. Without the need to turn your crypto coins into fiat currency, you can make purchases directly with these virtual coins. You can also convert bitcoins into gift cards and use them to buy goods on Amazon.
Sapna sells a wide category of products – from books to healthcare products. Using Bitcoins, you can buy items from Sapna while sitting in any part of India. When a user chooses to pay with crypto tokens, the payment is processed within 30 seconds via the Unocoin crypto exchange.
Despite these small businesses showing confidence in cryptocurrency, their bigger counterparts appear to be waiting for the Indian government to clear its policy stand on these virtual currencies. Also, RBI has said it is in the process of launching its own cryptocurrency.