Crypto Story Bank has recently made its mark in the Indian market with its innovative payment solutions. By 2024, their first Point-of-Sale terminals will be launched in New Delhi. This revolutionary bank allows users to conduct cryptocurrency operations through a single app. It also provides tools for investing, storing, and transferring cryptocurrencies, payment cards, credit products, and business solutions.
The integration of Crypto Story Bank in India is beneficial for both residents and tourists. Residents can store their savings in stablecoins, protecting them from inflation, while tourists can make secure payments directly from their CSB accounts without having to exchange money into local rupees. Moreover, the bank also 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.
The average global acquiring fee is 3%, while Crypto Story Bank only charges 1%. This has led to an increase in the average transaction value and the number of sales for businesses that accept cryptocurrency payments. The crypto user base has grown significantly over the years and now includes more than 300 million users worldwide.
While cryptocurrencies are yet to be regulated by any central authority in India, the government has proposed taxing digital 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.
The Indian market’s potential, combined with the growth in the number of cryptocurrency users, has led to an increase in interest in the country. The middle-class population and young demographic are likely to be the main users of Crypto Story Bank products. Car rental companies, hotels, cafes, restaurants and shops are the first business categories planning to integrate Crypto Story Bank solutions into their operations.
Crypto Story Bank has the potential to revolutionize the Indian market and establish a robust infrastructure for the payment of goods and services. India will soon become yet another region for active development and creation of crypto infrastructure.