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European payment processor Cashila has announced the launch of a new service in collaboration with SOFORT Banking, a leading Europe-based online payment provider available in 13 countries till date.
The new feature will enable users to make real-time deposits using SOFORT Banking. Cashila allows users to use bitcoin to pay bills and wire euros to their own or someone else’s bank account in Europe. No deposits are needed for this service and users can pay from their Bitcoin wallet via Cashila to any EUR bank account (SEPA). As a result of the new feature, users will now be able to instantly top up their account and buy bitcoin right away.
“Making transactions effortless is an essential step for the growth of the bitcoin economy. With the help of SOFORT integration one can now buy bitcoins in real time. It gives our users the ability to easily and instantly top up their account. Once they do it, they can buy bitcoin right then and there,” explains Cashila’s CEO Tim Mitja Zagar.
The bitcoin service provider said that the SOFORT payments system is instantaneous, meaning there is no need to wait for an international bank transfer to be cleared into the Cashila account.
To make instant deposits, Cashila explains:
- To receive funds by using SOFORT, users need to click “Receive” on their Dashboard and select “Deposit with Sofort”.
- Enter the desired amount and hit Next.
- They will be redirected to Sofort Banking where they have to submit their credentials and confirm the transfer.
Once they confirm the deposit, their Cashila funds are credited immediately. However, SOFORT Banking deposits charge a fixed transaction fee of 2% + 0.25 EUR.
“Users get verified within 12 hours of the request, but usually it happens in the first couple of hours”, tells Valjavec, Cashila co-founder and CTO. “The only cost for using our service is 1% on incoming transactions. We charge no monthly maintenance fee, and no hidden fees whatsoever. ”
Last week, the company announced its integration into Mycelium wallet in order to enable smoother SEPA payments directly from the app. Users can now send euro payments to any IBAN account directly from their Mycelium Wallet app on their mobile phone using bitcoin.
Cashila is the first and currently the only fully licensed euro and bitcoin payment processor and aims to remove the boundaries between bitcoin and traditional banking. To become a Cashila user, one only needs a valid email address and a password. Also, for transactions of up to 1000 EUR per year there is no need for identity verification. When the transaction limit is exceeded, users need to submit the verification documents and once they are confirmed by Cashila the limit is raised.
