BitPay introduces mass crypto payments for businesses. The crypto payment services provider has launched BitPay Send, which is a new blockchain-powered mass payout platform for businesses.
BitPay Send allows for the mass processing of crypto payments by companies who do not want to manage or own crypto themselves. It can be used to complete payroll payments, or process customer cashback and loyalty systems by paying contractors or affiliates. The platform is available in 225 countries. Recipients need only pass KYC and own a crypto wallet.
The firm alleges that the platform cuts processing times from days to minutes. The service has already been adopted by advertising platform AdGate Media to pay affiliates around the world. AdGate President Dan Sapozhnikov explained that many of their affiliates are located outside of North America and Europe where access to bank accounts can be difficult and so they want “to be paid in Bitcoin.” But he said that the firm “did not want to buy and hold crypto”.
“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.” he added.
BitPay CEO Stephen Pair said the ease of sending global transactions via crypto is a big attraction for businesses “Traditional international payment methods are cumbersome, costly, and slow. 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.”