BitPay merchants can now receive Bitcoin BCH payments
The wait is finally over for BitPay merchants wanting to accept payments made directly in Bitcoin Cash (BCH).
On Wednesday, the cryptocurrency payment processor announced that its affiliated merchants—over 100,000 of them—can now “do business with a growing, passionate community of Bitcoin Cash users” via a new feature that directly accepts Bitcoin BCH, the cryptocurrency with a market capitalization of over $15 billion.
“Adding support for Bitcoin Cash is another important step in our vision for blockchain payments. BitPay merchants can already immediately accept Bitcoin (BTC) from users around the world. By adding functionality for a new payments blockchain like Bitcoin Cash (BCH), we’re expanding the reach and scale of our merchants’ BitPay checkout experiences,” BitPay said in a blog post.
Merchants using the BitPay platform will have the option to pay either with BTC or BCH. Merchants can accept payments for both blockchains and get direct bank deposits the next business day with just a 1% transaction fee, according to BitPay.
The announcement comes several weeks after BitPay quietly integrated BCH capability to virtually all of the merchants with whom it has an agreement, including Newegg, Namecheap, and Vultr. At the time, however, the BCH payments were still converted to U.S. dollars or BTC before they were delivered.
The next project in the pipeline is enabling settlements in Bitcoin Cash, which BitPay said will give its merchants “another way to get paid for payments accepted via BitPay.” The payment processor also plans to bring Bitcoin Cash to its mass payouts product, which can be used to pay out vendors, affiliates, developers, and payees around the world.
Since December, BitPay has been processing payments for multiple blockchains, starting with Bitcoin Cash. The decision comes on the heels of a “growing demand” to enable Bitcoin Cash support amid the high transaction fees and network congestion on the BTC chain. BitPay’s open source Copay wallet also promises to make it easier for users to spend and store their Bitcoin Cash alongside BTC, giving them “the freedom to choose—or to use both BCH and BTC.”
BitPay CEO Stephen Pair said told CoinGeek.com in an earlier interview that “offering the same service for the Bitcoin Cash blockchain will make it easier for consumers and businesses to use BCH for important transactions.”