Bitcoin Exchange Paybis Adds Credit Card Purchases To Take On UK Market

UK-based cryptocurrency exchange Paybis has added a rare facility for users to purchase Bitcoin with a credit card.

Paybis, which also operates from Latvia and the US, developed the “Bitcoin with Credit Card” feature specifically to allow instant purchase, coins being released as soon as the transaction is processed.

Verified users can purchase up to $5,000 of BTC at once, subject to a $20,000 monthly limit.

While exchanges serving the UK market have traditionally been seen as somewhat poorer value due to banking regulations, charging around £10 for fiat withdrawal or deposit, Paybis looks set to circumvent the issue.

In doing so, it takes on the lively alternative market in the country, consisting of peer-to-peer marketplaces such as LocalBitcoins.

In March, the exchange reduced fees for purchasing Bitcoin with credit cards, now charging five percent, is beating services such as Bitcoin ATMs by around two to three percent.

Paybis’ segment of the exchange market remains modest, having existed since 2014 and focusing on service rather than rapid expansion.

“The main differences we have from our competition (other online digital currency exchanges and classical BTC exchanges) is that we offer fully managed and guided services to our customers,” CEO Konstantin Vasilenko told Cointelegraph in an interview at the end of 2015.

“Similar to a peer-to-peer marketplace, we help and guide our customers when purchasing Bitcoin using the most convenient payment method available in their country.”