BitPay, the popular crypto payments company, has launched BitPay Send, a blockchain-powered mass payout platform, for businesses looking to enable payments in over 255 countries.
The new platform is expected to be especially appealing to companies that have difficulty processing payments to remote workers who do not have, either a US bank account, or simply want to be paid in bitcoin or crypto.
- Deposit fiat – BitPay credits the sender’s ledger
- Submit payout – Each request includes recipient’s email address and amount
- Payout complete – BitPay sends the amount converted to crypto to the recipient’s wallet
The platform can be used for the following:
- Complete payroll processing
- Pay contractors / affiliates
- Process customer cashbacks / reward programs
BitPay Send allows firms to pay out their service providers, customers, and affiliates in crypto without having to buy and hold any crypto themselves.
Speaking about this new innovative product, BitPay CEO, Stephen Pair, said:
“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.”
~ Stephen Pair, CEO, BitPay
BitPay is currently processing almost 100, 000 transactions per month, predominatly in bitcoin.
BitPay now offers 3 solutions to enable crypto payments anywhere:
- BitPay Prepaid MasterCard
- BitPay Browser Extension
- BitPay Send
The new product will especially be appealing to part-time and gig economy workers in Africa, most of whom do not have access to international or US bank accounts.