BitPay, the largest Bitcoin payment processor, has announced that merchants who are using its service can now accept payments in Bitcoin Cash (BCH). This is in addition to the support given for Bitcoin (BTC). By adding functionality for a payment blockchain like Bitcoin Cash (BCH), BitPay has expanded the reach and scale of merchants’ BitPay checkout experiences.
BitPay merchants can receive blockchain payments from customers around the world, without the risk of credit card fraud or chargebacks. Bitcoin Cash (BCH) is a fork of the Bitcoin (BTC) network and codebase. However, Bitcoin Cash is faster than Bitcoin (BTC) in terms of transaction costs and confirmation times. With BitPay’s platform, merchants can accept payments from both blockchains and get direct bank deposits the next business day with just a 1% transaction fee.
BitPay has stated that the addition of Bitcoin Cash, which charges a miniscule fees, will enable BitPay merchants to accept blockchain micro-transactions for things like video games, food delivery, or app downloads.
When a BitPay merchant’s customers choose to check out with BitPay, they’ll now see the option to pay with Bitcoin (BTC) or Bitcoin Cash (BCH). They can make a selection and continue to payment with the currency type that works best for them.
Looking forward, BitPay is working to enable settlements in Bitcoin Cash, giving merchants another way to get paid for payments accepted via BitPay. BitPay team is also planning to bring Bitcoin Cash to their mass payouts product, which businesses can use to pay out vendors, affiliates, developers, and other payees worldwide.
Established in 2011, BitPay serves industry-leading merchants on six continents. In addition to payment processing, BitPay team is building an open source platform to power Bitcoin applications.Furthermore, BitPay secure Bitcoin wallet is giving consumers a powerful toolkit for getting started right with Bitcoin payments, and the BitPay Card gives Bitcoin users a fast way to spend their funds anywhere Visa is accepted.