New crypto mass payout service BitPay Send launched

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • BitPay has launched its own new mass payout service called BitPay Send, which is designed to help recipients around the world get crypto fast and cost-effectively.
  • A fee of 1% will be charged on each transaction, and a variety of purposes have been envisaged – including paying workers and suppliers.
  • The firm’s chief executive officer, Stephen Pair, said that the move permits companies to “make mass payouts without having to buy, own or manage crypto” – something that he predicted would lead to cost savings.

Blockchain company BitPay has launched a new mass market payout service.

BitPay Send, as the new service will be known, is designed to work as a cryptocurrency international money transfers service.

The new service will be open to a wide range of company types, and firms of all sizes will be able to join and participate.

They will be able to pay a range of recipients through this service, such as customers and clients.

Contractors and workers can also be paid using the service.

The service will not be restricted to particular periods of time, and it will be possible to send crypto via the web on BitPay Send across the week.

Those receiving funds via this service will not be required to have a bank account – a development that makes this service different from many online money transfer services on the market.

Instead, all that will be required is a BitPay ID and a cryptocurrency wallet.

If required, BitPay can provide the customer with a ‘non-custodial’ wallet – meaning that only the user, in theory, has access to the contents.

In terms of fees, meanwhile, a charge of 1% is expected to be levied on each transaction using BitPay Send.

This fee structure has been designed to improve the transparency and ease of the payment.

BitPay also emphasised that there would be no forex fees involved when sending cash.

In a statement, the firm’s chief executive officer Stephen Pair noted that blockchain as a payment method is growing in popularity across the globe.

Pair said that the worldwide aspect of blockchain’s payment capabilities is one of the key positive factors driving the growth.

“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale,” he said.

He went on to explain the ways that blockchain stands in contrast with older payment methods.

“Traditional international payment methods are cumbersome, costly and slow,” he added.

He finished by saying that paying out on a mass scale was likely to become easier once BitPay Send is up and running.

“With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost,” he concluded.

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