- Cryptocurrency firm introduces upgrade to solve payment issues.
- New Payment Protocol ensures accurate money transfers.
BitPay, the world’s largest Bitcoin cross-border payments processor, has announced a major improvement to its BitPay Card that will eradicate some common glitches arising when customers load their cards from BitPay-compatible Wallets. This comes in the form of the new Payment Protocol which now governs all BitPay card payments.
A Visa® pre-paid debit card, the BitPay card allows customers to load a USD, GBP or EUR balance onto it from any bitcoin wallet.
The cryptocurrency payments firm developed the card to allow customers to spend their balance on products or services from both online and bricks-and-mortar retailers around the world that accept Visa®. They can also use the card to withdraw funds from any Visa®-compatible ATM.
The card has proven exceptionally popular, with many BitPay customers using it to manage their everyday expenses. But ever-keen to receive customer feedback, BitPay noted that some users had expressed frustration over a series of glitches when loading their cards. These included wallets sending overpayments or underpayments, late payments, or sending the payment to the wrong address — common errors with bitcoin that tend not to happen with other online payments.
The new initiative eliminates each of the problems by ensuring that all loads to the BitPay card come from wallets that are Payment Protocol-enabled. Loaded invoices from BitPay now come with Payment Protocol URLs and QR codes that can only be read by Payment Protocol-compatible wallets. These instantly lock in the correct amount as well as the accurate BitPay receiving address by creating an SSL-secured connection to the genuine owner of the receiving address. Successful, precise payments are thereby guaranteed every time.
Compatible wallets that work with the new Bitcoin Payment Protocol for the card include:
- BitPay
- Bitcoin Core
- Copay
- Electrum
- Mycelium
The final stage of BitPay’s Payment Protocol adoption will commence its rollout this week and will require that all payments on BitPay invoices come from Payment Protocol-enabled wallets.
