BitPay, the world’s largest provider of cryptocurrency payment services, announced immediate support for Bitcoin Lightning Network payments through its Payment Processing Platform. BitPay merchants can now receive payments from Lightning-enabled wallets like CashApp and Strike, in addition to cryptocurrency payments from over one hundred of the most popular crypto wallets. Consumers now have a low-cost alternative when paying with Bitcoin at a BitPay-enabled merchant.
“BitPay’s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology,” said Tony Gallippi, BitPay’s Co-founder.
As a result of the integration, BitPay merchants and their customers will be able to complete cost-effective bitcoin transactions with lower fees. The combination of payments made through the main Bitcoin blockchain and through Lightning Network result in an overall better payment experience that is fast, low cost and scalable.
“PacSun is excited to be one of the first BitPay partners to accept Bitcoin payments using the Lightning Network,” said Michael (Mike) Relich, Co-CEO of PacSun. “The Bitcoin Lightning Network provides our customers with instant payments and exceptionally low network fees, and creates more opportunity for all holders of bitcoin to shop online at http://Pacsun.com”
Fees on the Lightning Network are much lower, typically costing a fraction of a cent. For merchants, this means customers pay less when using crypto and they have access to a new fast growing base of customers who prefer to pay using the Lightning Network. For customers, paying with crypto is as efficient as any other payment method. Payments become more economical with the Lightning Network.
BitPay merchants do not need to make any changes or adjustments in order to accept Lightning payments. Their customers will have the option to make payments from any Lightning Network supported wallet. BitPay’s wallet app has not yet enabled the Lightning network.
About BitPay
Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
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