Bitcoin, the digital currency that took the world by storm in 2009 has now launched BitPay Checkout, for in-store payments. Bitcoin is an online software based payment system, that allows the virtual currency to act as payments without a central repository. BitPay is the single largest global bitcoin payment service that provides checkout services to companies willing to accept Bitcoins. It currently provides payment processing services for over 44000 businesses, and processes over $1 million dollars worth of bitcoin transactions every day.
The latest sales app, BitPay Checkout, will now be available in 40 languages and allow for multi-employee checkout, tipping and tip reporting. It will also support a one tap payment feature. As TechCrunch reports, Co-Founder of BitPay Tony Gallippi believes, “For retailers, accepting mobile payments is a growing trend, but none of today’s industry offerings can provide a lower risk or lower cost than swiping a credit card. Accepting bitcoin can offer tremendous savings to merchants, especially merchants with a large international customer base, and BitPay’s service combined with the new mobile app is a fantastic value for merchants.”
In fact, it’s does seem to be the consensus that one tap checkout will have an advantageous role in the future of shopping. The risk of fraud from credit card swiping will no longer play a role, as transactions digitialize. Already throughout Europe, most of the payment processes occur from bank account to merchant. BitPay has the advantage of playing a global role that doesn’t face the normal security or fraud blocks. Therefore, banks and merchants alike will find a cheaper and faster transaction.
The app is currently available for Android but will soon be available for iOS.