Payment Application | BitPay announces the launch of enterprise-level payment service BitPay Send

Following PayPal's launch of cryptocurrency buying and selling services nationwide in the U.S., BitPay, a company focusing on cryptocurrency payments, has also announced the release of an enterprise-level payment service called "BitPay Send." What sets this service apart is that businesses and institutions do not need to hold cryptocurrencies; they can use fiat currency to pay employees, customers, and contractors through "BitPay Send," eliminating the notorious high volatility associated with cryptocurrencies.

BitPay Send

According to the official press release, BitPay Send will provide 24/7 payment services to global corporate entities, usable in 225 countries worldwide, by simply registering a BitPay ID, a cryptocurrency wallet, and undergoing KYC verification.

Breaking free from the complex procedures of traditional banking for cross-border remittances, BitPay claims that the platform saves time, costs, reduces risks, and streamlines processes for users. Some key points outlined in their product description include:

• Support for over 150 fiat currencies
• Currently supporting only Bitcoin, with plans to gradually add ETH, BCH, XRP, and stablecoins like USDC in the future
• Currently supporting batch payments only, with plans to introduce single payments in the future
• 1% transaction fee

BitPay CEO Stephen Pair stated:

Blockchain payments are increasingly being adopted, traditional cross-border payments are cumbersome, costly, and slow. Through BitPay Send, businesses can make large-scale payments without the need to purchase, hold, or manage cryptocurrencies, and recipients can receive funds faster and at a lower cost.

BitPay Controversy

While BitPay's CEO criticizes the timeliness of traditional cross-border remittances, stating that cryptocurrency transfers should be faster than wire transfers, the product description of "BitPay Send" shows that its processing time is the same as traditional wire transfers, taking 3 to 5 days, which contradicts the "time and cost savings" described in the press release.

Founded in 2011, BitPay is a veteran cryptocurrency company that has raised over $70 million and is dedicated to promoting cryptocurrency payments. Initially providing Bitcoin settlement and payment services to users and businesses, BitPay later added mainstream cryptocurrencies such as Bitcoin Cash, Ethereum, and Ripple after claiming in 2017 that Bitcoin transaction fees were too high. The official website claims to have the highest adoption rate for cryptocurrency wallets.

However, most Bitcoin enthusiasts and the crypto community believe that BitPay is not necessary for Bitcoin. This is mainly because Bitcoin is designed as a peer-to-peer electronic cash system that does not require third-party intermediaries or payment permissions, as eliminating third-party intermediaries is one of the original intentions of Bitcoin.

It is understood that the advertising platform AdGate Media has adopted "BitPay Send," claiming to serve users outside North America and Europe who have difficulty accessing financial accounts. This week's related news seems to indicate a different spark between traditional finance and cryptocurrencies, with PayPal pushing for cryptocurrency adoption while BitPay is striving to integrate cryptocurrencies into the traditional payment market.