Since the birth of Bitcoin and the development of the cryptocurrency market, people have gradually started adopting cryptocurrency payments due to its fast, straightforward, and secure features. The impact of the COVID-19 pandemic is also driving the growth and usage of these cryptocurrency payment platforms.
Bitfinex Pay, the digital token payment service launched by the OG Bitfinex exchange has also been well received by an impressive number of merchants and users.
This article will give you more information about Bitfinex Pay, the development of cross-border digital currency payment in this new era, the advantages of Bitfinex Pay in cross-border payment, and the effect of cryptocurrency payment on cryptocurrency transactions. change.
Digital tokens for cross-border payments
With the rapid development of the global economy and the continuous growth of cross-border trade, the cross-border payment industry is full of infinite vitality. However, since the COVID-19 pandemic, there are several restrictions on traditional cross-border payments, which quickly influenced the demand for cross-border cryptocurrency payments.
Japanese e-commerce leader Rakuten has announced as early as 2021 that it will connect its crypto wallet, e-payments function and trading platform, to allow users to store value in Rakuten payment accounts with crypto. -currency, which can be used on Rakuten Cash and Rakuten Payment. platforms.
Additionally, in a statement to the World Economic Forum (Davos Forum) on May 23, 2022, the Vice President of PayPal, the world’s largest electronic payments giant, said: “PayPal is doing its best to integrate all of blocks and crypto-currencies possible in its services.
Bitfinex, a decade-long veteran cryptocurrency exchange, launched a simple and convenient Bitfinex Pay platform in 2021 to help merchants receive cryptocurrency payments smoothly and securely and make more profits . Constantly exploring the endless possibilities of cryptocurrency payment in terms of currency types and other aspects.
Bitfinex Launches Digital Token Payment Service – Bitfinexpay
The Bitfinex crypto exchange platform was established in 2012 and it is one of the oldest cryptocurrency trading platforms in the world.
Bitfinex Pay launched on March 4, 2021, focusing on “contactless, borderless” digital token payment services. To put it simply, Bitfinex Pay is a widget that supports online cryptocurrency payments and can be used after embedding it into merchant websites.
Bitfinex Pay currently supports BTC, ETH, USDt, EURt, AVAX, Dogecoin, Litecoin, Polygon(Matic), Solana, and a variety of cryptocurrencies for merchants and customers to use, and will continue to add new crypto -currencies to the list of currencies in the future.
“Convenience” and “security” features of Bitfinex Pay
If traders wish to use Bitfinex Pay, they must first create a Bitfinex account and pass the verification process. Once the consumer clicks on the Bitfinex Pay button on the webpage of the merchant that cooperates with Bitfinex Pay, he will be automatically directed to the payment page and the payment will be directly deposited into the merchant’s registered Bitfinex wallet.
The convenience that accompanies the use of Bitfinex Pay products is mainly reflected in the following aspects:
1) No application feesBitfinex Pay does not charge any processing fees, but small transaction fees generated on the relevant blockchain should be borne by the merchant and their customers.
2) For merchants, Bitfinex Pay can be easily installed. It only takes a few simple steps to complete the Bitfinex Pay setup on the merchant’s webpage.
3) It’s fast and secureCompared to traditional cross-border payment which needs to be reviewed by multiple banks and takes a long time, the Bitfinex Pay Wallet can release transfer transactions within minutes.
4) Supports multiple tokens. For ordinary users, Bitfinex Pay allows them to transfer money directly with existing tokens, without converting existing tokens to USDT and other currencies before making payments. In the future, Bitfinex Pay will support more and more currencies, so consumer payment will become more convenient.
In addition to making payment more convenient and ensuring the safety of merchants’ and users’ funds, Bitfinex Pay has continuously developed and expanded its functions since its launch. In November 2021, Bitfinex Pay announced its integration with MetaMask, where over 10 million active Metamask users can log into their wallets, use Bitfinex Pay directly, and also send and receive cryptocurrency payments through gateways of payment. Now, Bitfinex Pay also supports more functions such as Wallet Connect, helping more people to use Bitfinex Pay easily and conveniently.
In September 2021, Bitfinex Pay began adopting the U2F open authentication standard to improve customer security and privacy on its platform. The move allows online stores and merchants adopting Bitfinex Pay to receive payments for goods and services on a range of crypto assets.
Bitfinex Pay’s convenient and secure features have attracted many merchants, such as ODEM, an on-demand education and employment platform that connects employers, students, and educators. ODEM has integrated payment controls into the Bitfinex Pay platform, and through the deployment of Bitfinex Pay controls, users of the ODEM platform can use cryptocurrencies to purchase courses and programs. This creates broader inclusion for those around the world who are unbanked, making education and employment more affordable, accessible and verifiable.
The impact of Bitfinex Pay on the development of crypto technology
Paolo Ardoino, Chief Technology Officer of Bitfinex, has publicly stated that as more people get used to using digital tokens to pay for goods and services, Bitfinex Pay can help merchants easily use digital tokens. encrypted payments. Bitfinex hopes to rival PayPal with this new service. This not only reflects Bitfinex Pay’s ambitions and goals in the area of digital payments, but also reflects Bitfinex’s determination to increase the adoption of cryptocurrencies.
Today, cryptocurrency is increasingly used, as the first cryptocurrency, Bitcoin, surpassed the market value of trillion dollars in just ten years. After Bitcoin, the emergence of networks like Ethereum, Solana, and Polygon made cryptocurrency transactions easier and simpler. All you need is a smartphone or computer connected to the internet to participate in digital currency transactions. And this transaction data will be recorded on all blockchains, which is safe and transparent, without intermediaries and with reduced transaction costs.
However, it should be noted that the scope of use of cryptocurrencies is only the tip of the iceberg compared to the traditional financial market. How can cryptocurrency transactions reach a wider market? How can merchants easily receive payments? How do we find potential customers? This is the problem that Bitfinex Pay is actively tackling.
Bitfinex Exchange deepens the relationship between merchants and consumers and cryptocurrency payment through Bitfinex Pay, simplifying cryptocurrency payment steps, enhancing the convenience of cryptocurrency payment and further promoting adoption mass of cryptocurrency and blockchain. Bitfinex Pay represents Bitfinex’s foresight and determination to promote the development of crypto technology.
