Payza was among the first online payment processors and e-wallet providers to embrace Bitcoin by letting members buy and sell Bitcoin directly. Today, Payza is unveiling a wide range of new Bitcoin options, including the ability to hold Bitcoin right in your Payza account.
Since we began offering Bitcoin services to our members in 2014, it has become one of our most popular features. First, Payza introduced Bitcoin Withdrawals, one of the easiest ways to buy Bitcoin online, then we announced Bitcoin Deposits, an equally simple way to sell Bitcoin. In less than 3 years, Payza members in more than 150 countries have used Payza to either buy or sell Bitcoin.
As the interest in Bitcoin grew, so did Payza’s Bitcoin services. After the options to buy and sell Bitcoin, Payza opened a Bitcoin payment option which let merchants accept Bitcoin as payment for their products or services. This feature lets merchants reach a new segment of customers and experiment with Bitcoin, however those payments were automatically converted to USD to help merchants avoid the risk associated with Bitcoin’s volatility.
Today, Bitcoin is more popular than ever and other cryptocurrencies are gaining momentum as well. This is why we are excited to announce that you can now do even more with Bitcoin and Payza!
Payza adds full e-wallet support for Bitcoin
Starting today, Payza members can now keep their bitcoins right in their Payza e-wallets. You no longer need to have your own Bitcoin Wallet to hold those coins. This is great news for people who are just learning about Bitcoin or who are testing it out for the first time, since Payza now takes care of all the complicated security concerns for you.
With this announcement, Payza becomes the first e-wallet provider to allow members to use Bitcoin just like any other currency. Along with being able to hold Bitcoin right in your Payza account, you can also send and receive Bitcoin to and from other Payza members. The fee to receive Bitcoin is just 1.2% per transaction, which is lower than the standard Payza receiving fee of 2,9% + $0.30. All Bitcoin transfers from Payza member to Payza member are instant.
This also means that you can now exchange Bitcoin to USD and USD to Bitcoin whenever you want, right within your Payza account! If the price looks right, you can make an exchange at any time of the day, any day of the year. The funds stay in your Payza e-wallet so there is no extra time for processing.
Merchants who use Payza to process online payments will also have the option to accept Bitcoin as payment for their products. In the past, all payments made by Bitcoin would automatically be converted to fiat currency, but now merchants will have the option to keep those payments in Bitcoin until they choose to convert the funds themselves. It will still be possible to accept Bitcoin payments and automatically convert those funds to fiat currency.
Unlike traditional Bitcoin payments, which are irreversible, purchases made by Bitcoin through Payza’s online payment platform will still be protected by Payza’s Resolution Center. That means these transactions can be disputed if, as a customer, you did not receive the product or service you were promised. As with all transaction disputes, Payza will encourage an open and honest discussion between the buyer and seller to resolve the situation and Resolutions Specialists will be available to mediate the dispute and render a final decision on the outcome if necessary.
“I’m very pleased to be able to make this announcement,” said Firoz Patel, Executive VP of Strategic Partnerships and Corporate Affairs. “Two years ago we announced our intention of treating Bitcoin like any other currency within the Payza platform and today we are living up to this promise.”
More Payza Bitcoin options still to come
On top of the features announced today, Payza will be unveiling more Bitcoin and cryptocurrency features in the coming weeks and months. Here is a sneak preview of what to expect:
Full cryptocurrency exchange services: Along with Bitcoin exchanges, Payza members will soon be able to exchange dozens of cryptocurrencies right within their Payza accounts. Buy or sell Litecoin, Dogecoin, Monero, Dash, Ripple, and many more digital currencies using Payza. No other e-wallet service gives you this many options when it comes to cryptocurrency exchanges and Payza is proud to take the lead in this service.
Update: Payza members can now use altcoins as an e-wallet funding method! See this blog post for more info: Exchange Ethereum, Ripple, Litecoin and More: Sell Altcoins to Payza
You can now also generate multi-use Bitcoin addresses with the Cryptocurrency Address Manager. See this blog post for more info: Payza Introduces Cryptocurrency Address Manager for Easy Bitcoin Transfers.