Global blockchain payments provider BitPay announced on Thursday the launch of BitPay Send. According to BitPay, BitPay Send is described as a new mass payout service that enables organizations of all sizes to pay employees, affiliates, customers, vendors, contractors, and others with cryptocurrency. The service allows for crypto payments anywhere in the world, on any day of the week, and at any time.
“BitPay Send enables companies to make payroll payments, facilitate customer cashout requests, pay independent contractors or affiliates, issue rewards or rebates and financially settle with marketplace sellers. The company funds payments in fiat and leverages the blockchain to send pre-tax payments without having to own or handle digital currency, eliminating inherent exposure to its volatility or risk.”
While sharing more details about the service, Stephen Pair, CEO with BitPay, stated:
“Blockchain payment adoption is growing because it offers an easy way to send and receive payments on a global scale. Traditional international payment methods are cumbersome, costly and slow. 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.”
BitPay also reported that recipients do not need to have a bank account, but do need to have a BitPay ID and a crypto wallet. BitPay offers a non-custodial wallet for those who need one. BitPay Send saves time and money, reduces risk, simplifies payout process, provides quick access to funds, and organizes financials. Payments arrive securely to the recipient’s digital wallet. BitPay went on to add:
“A 1% fee allows companies to make domestic and cross-border payments quicker, easier and more transparent than most mass payment methods. There are no foreign exchange fees and payments are registered on the blockchain in seconds and confirmed within minutes.”