Crypto payment services provider BitPay has launched a new blockchain-powered mass payout platform BitPay Send. BitPay Send would allow businesses to issue mass crypto payments around the world. BitPay Send would allow businesses that do not want to handle or own cryptocurrencies themselves to process payments en masse. The platform can be used to complete payroll payments, pay contractors or affiliates, or process customer cashback and rewards programs. It would be available in 225 countries. However, recipients would need to pass KYC and have a crypto wallet.
BitPay Send cuts processing times from days to minutes.
The crypto payment service provider claims that the newly launched platform significantly cuts processing times from days to minutes. It has already been adopted by advertising platform AdGate Media to pay businesses across countries. AdGate President Dan Sapozhnikov explained that many of their business affiliates are located outside of Europe and North America, where access to bank accounts could be difficult, and so they want “to be paid in Bitcoin.” He said having BitPay manage that risk was an important factor in choosing the platform. “With BitPay Send, they can get their affiliates paid in a matter of minutes and not days,” he added.
“Sending global transactions via crypto is a big attraction for businesses.”
BitPay CEO Stephen Pair said that the ease of sending global transactions via crypto is a big attraction for businesses. He noted, “traditional international payment methods are cumbersome, costly, and slow. With BitPay Send, firms can make mass payments across countries without owning, buying, or managing cryptocurrencies, and their recipients receive payments quicker and at a lower cost.” BitPay is a United States-based company that was launched in 2011. It has processed almost 100,000 transactions per month this year, with the majority of that being in Bitcoin.