This is a technology that provides online merchants with means of receiving contactless and borderless digital token payments. Users can pay with Bitcoin, Ethereum, Lightning Network Bitcoin, as well as Tether tokens via Ethereum or Tron.
Payments made via Bitfinex Pay are directly deposited into a merchant exchange wallet on Bitfinex.
Paolo Ardoino, CTO at Bitfinex:
“As a native of the cryptocurrency space, 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.
When it comes to paying in crypto, there is a generational change in thinking, with the next generation of consumers attuned to the many new possibilities offered by digital payments.”
The firm is looking to appeal to businesses of every size via the use of an integrated widget that can be activated with a simple click. It can be integrated on a website to facilitate online payments. After payment is made using a crypto accepted, the customer is redirected back to the merchant’s website.
Pretty standard affair.
While there are no processing fees for using Bitfinex Pay, any transaction fees incurred on the blockchain will be borne by online merchants and their customers.
There is also a limit on the value of payments made by each customer, capped at $1,000.
And although this new service operates in a similar way to PayPal, the payments giant based in San Jose has yet to truly tussle with cryptocurrency. While US customers are able to purchase a limited selection of crypto using PayPal, the company does not yet support the ability to make payments with crypto.
But PayPal itself has been making some waves in the crypto space.
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