Bitcoin payment is showing incremental growth in terms of user base in India. Zebpay is being used as a platform by many Indian users to pay mobile, DTH bills using bitcoins.

With more people adapting to digital currency these days since it is not produced by any government or statutory authority, the virtual currency is being projected more in India.

“Users are increasingly using Zebpay to pay their mobile bills using Bitcoins and to buy vouchers for online shopping. Last month, users paid bills of more than Rs.15 lakh using Bitcoins. This number is doubling every month,” said Sandeep Goenka, co-founder of Bitcoin mobile app-based platform Zebpay.

With this technology, when a user wants to pay for a bill of, say, Rs.500, the Bitcoins from their Zebpay wallet are transferred to the company at the current bitcoin price. Later, Zebpay pays the amount in rupees to the mobile carrier companies. The value of each bitcoin is around Rs.30,000 and the price of Bitcoins depend on demand and supply, just like the price of shares.

Delhi based Coinsecure, a trade platform for the currency, said it is going to launch a service later this year which will allow the users to directly shop online in Bitcoins. “We will soon be launching our merchant payment gateway this year, which will allow mobile companies or anyone else to accept Bitcoins at zero percent volatility risk. We will be charging one percent transaction cost, instead of 3-4 percent by credit card companies,” said Samuel from Coinsecure.

Reserve Bank of India (RBI) is still considering digital currency under observation and it has neither been banned nor is it regulated. “Unregulated does not mean it is illegal, just that there are no specific laws for this new technology. It is legal to buy and sell Bitcoins under all existing laws,” said Goenka in his statement. At present, only the state of New York in the US has started giving licences for bitcoin trading while Russia prepares to ban it.

Goenka added that virtual currency should soon be implemented in online shopping and payments of utility bills. By the year end, Zebpay plans to expand services to payment of broadband, electricity and landline phone bill.