BitPay Announces Its Acceptance Of Bitcoin Cash As Payments

BitPay, a cryptocurrency payment service provides has revealed its new stance that it will permit retailers to use Bitcoin Cash as a medium for payments. The service which is presently being used for Bitcoin will now give retailers the opportunity the choice to decide on whether to use BTC or BCH as payments.

Presently being used in Atlanta, Toronto, St.Peterburg, Madeira Beach and Paris, BitPay Checkout is also being used by restaurants and other retail businesses. Since November 2014, BitPay has been operating in these entities, which is why the company is adding more cryptos for its payment services. This new service can prove to be very promising as it comes with a 1% processing fee and is likened to companies such as Shopify, 3DCat, and Bitmonet.

“When customers go to pay, they can select their currency of choice, select the option to give a tip, then scan a BitPay Checkout QR code with their mobile wallets,” BitPay wrote. “Payments take just a swipe or a tap, and the receiving merchant gets a local currency bank settlement within one business day. Merchants get every dollar or euro they charge, minus BitPay’s 1% processing fee.”

In March, BitPay improved their system to ensure that customers using the platform could accept online payments in Bitcoin Cash including bitcoin. This is the first time for an altcoin to be included by the company since is joined the crypto community in 2011. According to the press release, retailers making use of BitPay for small-scale transactions such a video games and app downloads will find it easier “since Bitcoin Cash costs only pennies (or less) for customers to send”.