BitPay announced on Tuesday that mobile payments app Slide Mobile Payments is adding cryptocurrency as a payment option using the digital currency platform. Slide, which was notably created by PayPal-backed company Raise Marketplace and launched earlier this year, claims to be the only mobile payment app that offers unlimited 4% cash back on every purchase. The company stated:
“At checkout, users simply select a brand, enter their purchase amount and input the serial number online to pay easily and quickly at the point of sale or scan a barcode on their phones in store. They earn consistent rewards on each payment and can instantly cash out their funds to Venmo or PayPal after they’ve earned $15 or apply their earnings toward their next Slide purchase—no uploading a receipt or extra steps required.”
Slide also noted to act as a mobile engagement tool for retailers, driving traffic, incremental sales and brand loyalty through cashback. Speaking about the integration, Sonny Singh, Chief Commercial Officer of BitPay, stated:
“Crypto offers merchants like Slide a huge opportunity to attract new customers and sales, and with the recent run-up in the value of bitcoin, we are expecting a significant jump in spending for the holiday season as it’s a great time to add crypto as a payment option. BitPay allows Slide to accept crypto as a form of payment without having to hold crypto or pay the high fees associated with traditional payment methods.”
Jay Klauminzer, CEO of Raise Marketplace, LLC., further commented:
“With Slide, crypto users can spend their funds on everyday items and holiday gifts from brands that don’t traditionally accept crypto. With a rise in bitcoin usage and value, we chose BitPay to manage processing of crypto payments because they handle the entire process of getting crypto from the customer and depositing cash into our account.”
BitPay accepts Bitcoin, Bitcoin Cash, XRP and Ether, as well as four dollar-pegged stablecoins, USDC, GUSD, PAX, and BUSD for payment.