The leading Bitcoin (BTC) provider and crypto payment service BitPay is going to soon allow the payment of invoices from BTC wallets and exchanges.
A phased rollout for supporting all BTC wallets has already started. Merchants will be able to take advantage of the peer-to-peer transactions without having to implement any technical development. The CEO of Bitpay, Stephen Pair, said that:
“BitPay’s customers want to support all the Bitcoin wallets, just like they want to support all cryptocurrencies for payments. The company has decided to re-enable support for all wallets, which is referred to as plain vanilla peer-to-peer transactions.”
The BIP70 Payment Protocol Limited Users to Certain Cryptocurrency Wallets
The BIP70 payment protocol was implemented by BitPay when the BTC price reached its own highest record, back in 2017, and about 9% BitPay customers were experiencing delays with their payments. However, BIP70 limited users to only a few BTC, Bitcoin Cash (BCH) and Ethereum (ETH) wallets. Many users were complaining they couldn’t make payments with Bitcoin Wallet and Coinbase, which are the most used wallets in the world.
The JSON Protocol Is Here to Stay
While BitPay is starting to add support for more and more BTC wallets, Pair said the JSON payment protocol will stay. This protocol was introduced back in February 2018 in order to address customer support problems. It reduced the BitPay error rates to almost 0%, decreasing the volume of losses as a result of crypto payment errors from 8% to below 1%. Its interface provides direct communication between BitPay’s servers and a wallet. When it comes to wallets performing normal BTC and BCH transactions, the company is expecting to see less payment errors, with Pair saying this about the matter:
“Merchants have increased opportunities for sales from millions of global wallet holders that have not implemented the payment protocol and consumers have more places to make purchases. As a result, mainstream adoption for Bitcoin and cryptocurrency is on the horizon.”