BTC.com's Bitcoin Payment Protocol to Connect Users With BitPay’s $1 Billion Merchant Market
Boasting a wallet user strength of over 1 million, BTC.com, has announced that it is set to link its Bitcoin Improvement Proposal 70 (BIP-70) for processing bitcoin payment transactions between customers and merchants.
The top digital platform for cryptocurrency users, miners and developers, has so far processed more than $5B worth of bitcoin (BTC) and bitcoin cash (BCH) since 2015 and it is set to open its doors to enable users purchase products from BitPay’s hundreds of thousands of merchants who only accept BIP-70 compliant wallets.
Speaking about the upgrade, Alejandro de la Torre, VP of Business Operations, BTC.com said they are always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with BitPay is an important step towards transacting with retailers and merchants.
According to him, cryptocurrencies can begin to compete with credit card and mobile transactions by capitalizing on current inefficiencies in traditional payment processing services and extend the boundaries of commerce. Enabling customers, merchants and the Bitcoin community to utilize Bitcoin in commerce will sow the seeds for cultivating deep and sustainable growth from the whole bitcoin community.
Bitcoin Payments, a Competitive Alternative
With the high fees credit and debit card networks charge merchants, bitcoin payments are promising as a competitive alternative. At two to three percent per transaction, merchants in the international eCommerce space are gradually adopting bitcoin payments with Bitpay currently charging merchants a mere one percent fee.
It is therefore not hard to see why BTC.com is join the charge towards an increasing adoption of cryptocurrency as a viable form of payment alternative.
The BIP-70 comfortably provides the needed technology protocol to drive the safe end-to-end communication between customers and merchants anywhere in the world, validating payment requests, receipts and refunds over bitcoin’s blockchain.
On their part, Sean Rolland, Director of Product at BitPay said they appreciate BTC.com’s support for BIP-70 as BitPay works to make Bitcoin commerce payments easier and even more secure. With BIP-70, Sean said they have seen a drop from an 8%+ payment error rate (in dollars) to a 0.27% error rate. It’s this ability to ensure correct payments using BIP-70 helps the entire industry to grow.
Amaia Arteta, Director of Communications, Destinia, said Destinia (an online travel agency for hotels, flights and vacations) has been a pioneer in adopting bitcoin as payment method in 2014, when it was still just a blip on the general public’s consciousness. BitPay has supported it since the start to make it easy for their customers to utilize Bitcoin as a form of payment, which their customers have resonated to. Arteta said,
“Bitcoin bookings have grown year-on-year; in 2017, bitcoin bookings increased 121% over 2016, accounting for the equivalent of more than €1 million. The average ticket price purchased using bitcoin (€675) is double that of tickets purchased using credit card (€326).”
Arteta added that this shows them that they are attracting higher value customers, as well as tapping into the passionate bitcoin community eager to utilize bitcoin as a form of payment.
BTC.com said it is given to working with top companies to increase awareness and help expand the acceptance of bitcoin.