Last Updated on November 13, 2020 by Ope Quadri
With BitPay Send, you can now make payment globally without having to buy, own or manage cryptocurrency.
BitPay Chief Executive Officer Stephen Pair described the idea as a “big attraction for businesses” around the World.
He said BitPay Send was birthed to remove the cumbersome associated with the traditional international payment methods which could take days and cost more.
“With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost,” Stephen was quoted as saying.
The BitPay’s idea could simply be described as re-definition of financial technology to enable businesses to expand beyond borders without discrimination.
How does BitPay Send Work?
One, it is a new blockchain-powered mass payout platform for businesses anywhere, anytime, available in 225 countries at the time of this report.
The option allows businesses to issue mass cryptocurrency payments anywhere without having to hold any crypto themselves.
For instance, an organisation who doesn’t want to handle crypto to process payments can use BitPay Send to executive payment en masse within minutes, the CEO said.
Here are what you can use it for:
- To complete payroll payments
- Use it to pay contractors
- To process rewards programs.
- Make payment to affiliates
- BitPay Send can also be used to process customer cashback
How to receive payment from ButPay Send
As a recipient, you only need to pass KYC and have a crypto wallet.
Gaining global acceptance
One of the biggest firm to adopt BitPay Send is an advertising platform AdGate Media which it has been using to pay its affiliates around the world.
“Having BitPay manage that risk was an important factor in choosing BitPay Send. With BitPay Send, we are able to get our affiliates paid in a matter of minutes and not days,” AdGate President Dan Sapozhnikov was quoted by Cointelegraph as saying.
Launched nine years ago, the U.S. based company disclosed that it processed almost 100,000 transactions per month in 2020, with the majority of that being in Bitcoin (BTC).