Isle of Man Payment Processor Wants To Bring Bitcoin Payments to 260 Million European Shoppers

Journalist:
January 24, 2015

The Isle of Man is known for having a bitcoin-friendly exterior in the world that seems so bent on regulating digital currencies. Through legislation allowing the exchange of digital currencies, they’ve poised themselves to be a haven for bitcoin enthusiasts.

With the Isle of Man being so open to bitcoin, it only makes sense that businesses would begin to sprout up due to the acceptance.

“The Isle of Man has a great government which is really progressive on many things,” said James Carter, founder of ChainPay. “They really see the benefit of crypto, and how it’s the way of the future in terms of financial lifestyle.”

Also Read: Isle of Man Doesn’t Require Bitcoin Licenses

ChainPay is a new payment processing platform with high hopes for bitcoin. Living in an area that seems to quite progressive, Carter told CCN that the government legislators are quite approachable on the subject.

“They are so approachable! You really can just ring people there and get through to the right person. At the Isle of Man Coin Summit recently, there were scores of people from government interested about crypto that really wanted to hear about what legal challenges people were facing the startup world, and how they could help make the Isle of Man the place startups were drawn to.”

In that environment, Carter decided to create ChainPay as way to expand bitcoin payments past the Isle of Man and into Europe. With a quite aggressive plan, ChainPay has a goal to expand bitcoin acceptance to more than 260 million European online shoppers.

ChainPay Taking on the Payment Giants

ChainPay is built on the idea that the eCommerce community is underserved. Carter was inspired to found ChainPay after getting so accustomed to the ease of bitcoin payments online. Once he realized he had to keep digging out his card for traditional payments, took up the challenge of creating a payment processing company of his own.

He also believes the bitcoin community might be underserved as well. In the payment landscape, Coinbase and BitPay seem to be the reigning kings. But Carter thinks that’s where ChainPay has an advantage.

“Sure you can pick up a BitPay or Coinbase account, however they don’t really have the personal touch you need to get up and running quickly, and provide the personal meetings you need with larger corporations here to really make an impact.

“I want to ChainPay to try and bring Europe along in terms of its eCommerce adoption,” he said. “Bitcoin makes sense for so many reasons, especially international transactions where you aren’t sure about actually giving your credit card details out to a foreign entity.”

Plans For Expansion

In order to reach their goal of more than 260 million shoppers experiencing a bitcoin payment option, they first believe they need to start on the ground.

In Manchester, UK, there’s a place called the Northern Quarter that ChainPay sees as trendy. According to them, it’s a town “brimming with startups.”

“Many of these places want to accept bitcoin, and an app for these would go a long way,” Carter said. “Better PoS [point of sale] integration is also on the cards, should we find the right payment partner with the infrastructure here.”

Carter continued, “We have a great dev team and are very confident about bringing a proper solution. It’s taken some time to get ChainPay up and running, but we had to make sure all our partners were fully on board and the tech was running right. It’s all about first impressions when it comes to introducing cryptocurrency to businesses.”

Photograph from Wikimedia Commons and Shutterstock.

Gerrard Hartley

Gerrard Hartley is a cryptocurrency enthusiat that frequents the bitcointalk and subreddit communities. He enjoys writing and believes privacy is key in the digital age. Got a tip? Send him an email and let him know: gerrardhartley@gmail.com