Introducing BitPay Send
BitPay has unveiled a new payment game-changer known as BitPay Send, which enables businesses to handle mass payouts seamlessly. Forget the days of trudging through traditional payment processes—this blockchain-powered platform caters specifically to organizations that prefer not to dive into the crypto waters themselves while still wanting to send payments quickly.
Transforming Payment Processing
What sets BitPay Send apart is its ability to facilitate numerous types of payments swiftly and efficiently. This service can be a lifesaver for companies looking to:
- Complete payroll transactions
- Settle payments for contractors
- Reward customers with cashback offers
Available in an impressive 225 countries, it only asks for recipients to complete a Know Your Customer (KYC) procedure and to have a crypto wallet at the ready.
Speed Matters
According to BitPay, the processing time for transactions has been cut down significantly from days to mere minutes. That’s right—imagine your payroll running faster than a coffee break!
Real World Adoption
Advertising platform AdGate Media is among the first to hop on the BitPay Send train. Their president, Dan Sapozhnikov, highlighted the platform’s relevance, especially for affiliates scattered around the globe:
“Many of our affiliates are outside of North America and Europe, where accessing traditional banking can be tricky. They want to be paid in Bitcoin, but we didn’t want the hassle of buying and holding crypto. BitPay managing that risk was key for us.”
The Future of Payments
BitPay CEO Stephen Pair emphasized the convenience of sending global transactions via cryptocurrency, stating:
“Traditional international payment methods are cumbersome, costly, and slow. With BitPay Send, companies can facilitate mass payouts without the need to own crypto, ultimately allowing recipients to receive their payments faster and at a lower cost.”
BitPay’s Background
For those unfamiliar, BitPay hails from the U.S. and began its journey in 2011. In 2020 alone, it processed nearly 100,000 transactions every month, predominantly in Bitcoin (BTC). Backed by investment stalwarts like Founders Fund and Virgin Group, BitPay has raised over $70 million in funding, securing its place as a leader in the crypto payment industry.
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