BitPay Brings One-Tap Payments to Bitcoin with New NFC-Compatible Checkout App
by Polina Chernykh · 3 min read
BitPay has presented Bitcoin Checkout, a new app for making in-store payments.
Atlanta-headquartered bitcoin payment processor BitPay has launched its new point-of-sale app, called Bitcoin Checkout, to enable users make in-store payments. The announcement was made at the Money 2020 conference in Las Vegas.
The service is now available in 40 languages for all Android devices. BitPay plans to make the service available for iOS platform in the near future.
The Bitcoin Checkout users will be able to utilize the app with every bitcoin wallet. The NFC functionality allows making payments in just few clicks. As bitcoin payment protocols are supported by NFC and QR, the wallet can verify the request before making payments.
The app will provide such services as the next-day bank settlements, zero volatility risk due to the instant conversion to dollars and Quickbooks import. Besides, it includes about 150 currencies.
BitPay executive chairman and co-founder Tony Gallippi said so far only Hive, Bitcoin Wallet and Mycelium wallets work with NFC. Still, Gallipi expects the number of wallets will grow soon.
“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,” Gallippi said. “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.”
According to Gallippi, BitPay’s current app was developed to smaller retailers, not for big companies with a large number of employees.
He added: “The checkout that we had on the phone was designed for a simple street vendor or a one-person shop, whereas this app can handle hundreds of employees. It’s really designed for a more medium-sized business.”
Today, more payment processing and credit card companies start realizing the role of one tap payments. Some experts think that the technology is likely to replace the need for using of credit cards.
The interconnections between banks and payment processors can accelerate the overall process of making payments.
After Apple presented its own NFC-enabled Apple Pay system, a number of other companies shared plans to develop their own payment services.
Thus, Taco Bell introduced its own mobile payments platform. Moreover, Walmart-backed CurrentC, in partnership with CVS and RiteAid, will launch its own QR-code-based payments system.
BitPay is one of the leading bitcoin processing companies and includes offices all over the North America, Europe and South America. The company has received more than $32 million from different investors, including Index Ventures, Founders Fund and Sir Richard Branson. The firm’s payment processing technology is now used by more than 10,000 merchants.
Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.