Indian entrepreneurs have rallied behind the government’s idea to integrate Crypto Story Bank as a payment solution into the Indian market. The first POS terminals of the neo-bank will make their debut in New Delhi by 2024. This integration marks a significant breakthrough for the Indian market and is generating considerable interest among tourists.
This innovative bank offers users the ability to conduct familiar cryptocurrency operations through a single convenient app. Operating across more than 40 blockchains and networks, it combines tools for investing, storing, and transferring cryptocurrencies, along with social networking features, payment cards, credit products, and convenient business solutions.
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The emergence of Crypto Story Bank in India has been highly sought after, as it addresses the financial challenges faced by the population. Residents can store their savings in stablecoins, protecting them from inflation, while tourists can securely pay for goods and services directly from their CSB accounts. Transactions take place without conversion, which is proving to be more advantageous than exchanging money into local rupees and back, as highlighted by the bank’s founder, Ivan Grinev.
In India, Crypto Story Bank offers two types of cryptocurrency banking terminals for businesses. Offline business owners can use the Terminal mobile app, while websites are provided with an embedded solution for online payments. CSB clients can make instant cryptocurrency payments, reducing fees for acquiring transactions. The average global acquiring fee is 3%, while Crypto Story Bank offers only 1%. As CEO of CSB, Nikita Goncharov pointed out, businesses that accept cryptocurrency payments typically see a 40% increase in average sales and a 1.5x increase in sales volume.
“Unlike the fiat market, the crypto user base has unique characteristics. According to various studies, accepting cryptocurrency not only increases the average transaction value, but also significantly increases the number of sales. This is primarily due to the fact that the crypto community (which currently includes more than 300 million users worldwide) actively spreads news among themselves, thereby drawing the attention of other customers to the point of sale,” explained Nikita Goncharov.
With each passing year, the number of cryptocurrency users grows, and the tool itself is no longer solely speculative. Lack of restrictions, high mobility of funds, and accessibility contribute to the increasing popularity of cryptocurrency, attracting a wider audience. Cryptocurrency has become part of everyday life in many countries and continues to evolve.
Regulation of Cryptocurrencies in India
Currently, cryptocurrencies in India are not regulated by any central authority as a payment medium. There are no specific rules or norms for cryptocurrencies yet. India’s Finance Minister, Nirmala Sitharaman, has proposed taxing digital assets. Some see this as a positive step towards recognizing cryptocurrency assets. In the Union Budget 2022, the Indian government announced a 30% tax on cryptocurrency profits and a 1% withholding tax. This indicates a trend towards recognizing cryptocurrencies in India and creating favorable conditions for business development. Entrepreneurs can find opportunities here to develop innovative projects and expand business in the promising crypto industry.
Cryptocurrencies have become a topic of great interest and debate in India in recent years. With an increase in popularity, there has also been an ongoing discussion on how to regulate this new form of currency. The Reserve Bank of India has previously banned banks from dealing in cryptocurrencies, citing concerns about investor protection. However, the Indian government has recently signaled a change in its stance on cryptocurrencies, with the Finance Minister stating that the country would not shut off all options and would allow certain windows for cryptocurrencies. With this new approach, it is yet to be seen how the regulation of cryptocurrencies will take shape in India, and whether the nation will soon become a hub for digital currency innovation.
Who Will Be the Users in the Indian Market?
The Indian market has been evolving rapidly, with new opportunities emerging in different sectors. Whether it is technology, education, healthcare or consumer goods, businesses are looking to tap into the potential of the Indian market. However, a key question on everyone’s mind is: who will be the users in the Indian market?
According to the World Bank, approximately 120 million of India’s population belongs to the middle class. About 310 million have higher education. These segments of the population are potential customers for Crypto Story Bank’s products. Given the lack of developed infrastructure, the bank’s products will help establish a system for accepting payments and paying for goods and services.
With a population of over 1.3 billion people, covering diverse regions, religions, languages and income groups, finding the right target audience can be challenging. One approach is to focus on the young demographic, which accounts for a significant portion of the population. They are tech-savvy, urban dwellers who are interested in new products and services. Another segment to consider is the middle-class population that is growing rapidly and has higher disposable income. They may be interested in premium products, services and experiences that cater to their unique needs and preferences. As the Indian market continues to evolve, businesses will need to keep a close eye on the changing trends and behaviors of its users to stay ahead of the curve.
Car rental companies, hotels, cafes, restaurants and shops are the first business categories planning to integrate payment acceptance software into their operations. The business infrastructure targets both the Indian population and tourists, who are increasingly using cryptocurrency instead of traditional currency when traveling internationally. In addition, it’s more convenient for tourists not to convert their funds into local currency, but to make direct payments in the currency of their choice.
Crypto Story Bank has the potential to transform the Indian market and establish a robust infrastructure for the payment of goods and services. The bank is already actively integrating into the daily lives of Europeans and plans to launch in the Middle East and North America soon. India will become another region for active development and creation of crypto infrastructure.
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