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BitPay Rolls Out New ‘BitPay Send’ Feature To Facilitate Large Scale Payments

Bitpay has announced its latest feature, Bitpay Send, a service that allows users on the platform to send out mass payments.

In its official announcement, Bitpay said that that the new feature that was rolled out was targeted to suit the needs of Businesses. With the new feature, Businesses and investments can send out a large volume of payments to all their employees, vendors, contractors using digital assets.

Furthermore, the firm claims that the new feature is not available to businesses and investments as individuals can use the new service. Going further, the firm announced that it would charge users just 1% of the fees to use this service.

Receivers can receive payments without bank accounts

According to Bitpay, this service is safe, fast, secure, and reliable as companies and private entities that wishes to carry out cross-border and local payments can rest assured that their payments will be facilitated in no time at a little cost.

Another core aspect that BitPay touched was that hidden external exchange fees have been eliminated, and payments can be tracked on the blockchain because they will be registered there. Furthermore, the receivers are not mandated to own a bank account to receive funds to receive the funds with just their BitPay ID.

Bitpay has also mentioned that the receiving party needs to have a crypto wallet, even though no single crypto has been earmarked to be used for transactions. To send and receive funds, BitPay expects that customers need to have enrolled and completed all user verifications as the Know Your Customer (KYC) regulations have mandated. In their review of the service, BitPay noted that this new feature would solve payment issues for companies with their staff and workers across the globe.

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AdGate Media becomes the first user of the BitPay Send service

In his statement, the CEO of BitPay, Stephen Pair, said that they are leveraging blockchain technology growth as done by other entities to facilitate payments across a wider reach. Since the advent of the blockchain-based payments system, the CEO noted that traditional payment methods are now somewhat backward and slow.

“With our new service, firms will be confident that their payments will be facilitated faster and at a low cost without the need to hold a crypto asset. Following the new service rollout, BitPay has announced that AdGate Media is the first entity to leverage the service for payments.

The New York-based entity used the new BitPay feature to facilitate cash payments to its affiliates worldwide. BitPay also mentioned that they are receiving offers from companies who have their workers outside North America and Europe’s borders, where it is difficult to access a bank account.

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Stating their reason for using the new service, the president of AdGate Media, Dan Sapozhnikov, said that they were not interested in buying crypto and having BitPay take care of that part, a reason why they used the new feature. The president also noted that the BitPay team were on hand to put them through on how to handle the service anytime they sent to make payments.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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