Cryptocurrency trading platform Bitfinex has launched a new payment system known as Bitfinex Pay. The service aims to help online merchants receive crypto payments in Bitcoin, Ether, and Tether via the Ethereum and Tron blockchains.
Bitfinex Pay also supports Bitcoin payments via the Lightning Network.
Bitfinex has plans on taking on payment giants like PayPal with this new service. CTO Paolo Ardoino spoke to this point. “We’re aiming to take on established behemoths in the technology and payments fields, leveraging our knowledge of the tech to bring crypto payments into the mainstream.”
“This is the age of digital money and with Bitfinex Pay we’ve created an intuitive and seamless way for online merchants to receive payments in crypto.”
In using an automated widget, Bitfinex plans to appeal to businesses of all sizes. They will do so by providing online merchants with a means of receiving contactless and borderless digital token payments.
Customers of merchants with the integrated payment technology click on the Bitfinex Pay button to be directed to the payment gateway. After payment is made using cryptocurrency accepted by the merchant, customers will be redirected back to the merchant’s website.
Bitfinex believes they can take advantage of PayPal not yet allowing customers to pay with crypto. US customers are able to purchase a limited selection of cryptocurrencies using PayPal, however.
“When it comes to paying in crypto, there is a generational change in thinking,” Ardoin added. “With the next generation of consumers attuned to the many new possibilities offered by digital payments.”
Bitfinex Pay Transactions Capped At $1,000
Currently, there are no processing fees for using Bitfinex Pay. However, any transaction fees incurred on the relevant blockchain will be borne by online merchants and their customers. The value of payments made by each customer capped at $1,000.
In order to use Bitfinex Pay, merchants must open an account with the exchange. They must also verify the account to at least the intermediate level and apply for merchant verification. Once that happens a merchant sub-account can be created. They can then integrate the widget on their websites.