Since the birth of Bitcoin and the development of the cryptocurrency market, People have progressively started embracing cryptocurrency payments due to its fast, direct, and secure features. The impact of the COVID-19 pandemic is also promoting the growth and use of these cryptocurrency payment platforms.
Bitfinex Pay, the digital token payment service launched by the OG exchange Bitfinex has also been welcomed by an impressive number of merchants and users.
This article will give you more insight about Bitfinex Pay, the development of digital currency cross-border payment in this new era, the advantages of Bitfinex Pay in cross-border payment, and the effect of cryptocurrency payment on cryptocurrency transactions.
Digital tokens for cross-border payments
With the rapid development of the world 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 has rapidly influenced the demand for cross-border payments in cryptocurrencies.
Japan’s e-commerce leader Rakuten announced as early as 2021 that it will connect its encrypted wallet, electronic payment function, and trading platform, to enable users to store value in Rakuten payment accounts with cryptocurrency, which can be used on Rakuten Cash and Rakuten Payment platforms.
Furthermore, In a statement at 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 possible blockchains and cryptocurrencies into its services.
Bitfinex, a ten-year-old veteran cryptocurrency exchange, launched a simple and convenient platform Bitfinex Pay in 2021 to help merchants receive cryptocurrency payments smoothly and safely and make more profits. Constantly exploring the infinite possibilities of cryptocurrency payment in terms of currency types and other aspects.
Bitfinex launches digital token payment service- Bitfinexpay
The crypto exchange platform Bitfinex was established in 2012 and it is one of the oldest cryptocurrency trading platforms in the world.
Bitfinex Pay was launched on March 4, 2021, focusing on “contactless, borderless” digital token payment services. To put it simply, Bitfinex Pay is a widget that supports cryptocurrency online payments and can be used after integrating it with the merchant’s 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 cryptocurrencies to the currency list in the future.
“Convenient” and “security” features of Bitfinex Pay
If merchants want to use Bitfinex Pay, they need to first register a Bitfinex account and pass the verification process. After the consumer clicks the Bitfinex Pay button on the merchant’s webpage that cooperates with Bitfinex Pay, they 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 comes with using Bitfinex Pay products is mainly reflected in the following aspects:
1) No handling fee, Bitfinex Pay does not charge any handling fee, but the small transaction fee generated on the relevant blockchain must be borne by the merchant and its customers.
2) For merchants, Bitfinex Pay can be easily installed. It only takes a few simple steps to complete the setup of Bitfinex Pay on the merchant’s webpage.
3) It is fast and secure, compared to the traditional cross-border payment that needs to be reviewed by multiple banks and takes a long time, the Bitfinex Pay wallet can release transfer transactions within a few minutes.
4) Support multiple tokens. For ordinary users, Bitfinex Pay allows them to transfer money directly with existing tokens, without converting existing tokens into USDT and other currencies before making payments. In the future, Bitfinex Pay will support more and more currencies, so that 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 been continuously developing and expanding its functions since its launch. In November 2021, Bitfinex Pay announced its integration with MetaMask, where Metamask’s more than 10 million active users can log into their wallets, use Bitfinex Pay directly, and also send and receive cryptocurrency payments through payment gateways. Now Bitfinex Pay has also supported more functions such as Wallet Connect, helping more people to use Bitfinex Pay easily and conveniently.
In September 2021, Bitfinex Pay began adopting the open authentication standard U2F to improve customer security and privacy on its platform. The move enables online stores and merchants adopting Bitfinex Pay to receive payments for goods and services across a range of crypto assets.
The convenient and secure features of Bitfinex Pay have attracted many merchants to settle in, 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 on the ODEM platform can use cryptocurrencies to purchase courses and programs. This creates wider inclusion for those around the world who remain unbanked, making education and employment more affordable, accessible, and verifiable.
The impact of Bitfinex Pay on the development of encryption technology
Paolo Ardoino, Chief Technology Officer of Bitfinex, has publicly stated that as more people become accustomed to using digital tokens to pay for goods and services, Bitfinex Pay can help merchants easily use encrypted payments. Bitfinex hopes to compete with the likes of PayPal with this new service. This not only reflects Bitfinex Pay’s ambitions and goals in the field of digital payments but also reflects Bitfinex’s determination to increase the adoption of cryptocurrencies.
Today cryptocurrency is becoming more and more widely used, as the earliest cryptocurrency, Bitcoin, surpassed the trillion-dollar market value in just ten years. After Bitcoin, the emergence of networks such as Ethereum, Solana, and Polygon has 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 these transaction data will be recorded on all blockchains, which is safe and transparent, with no intermediaries and lower 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 broader market? How can merchants receive payments with ease? How do we find potential customers? This is the problem that Bitfinex Pay is actively addressing.
Bitfinex Exchange is deepening the relationship between merchants and consumers and cryptocurrency payment through Bitfinex Pay, by simplifying the steps of cryptocurrency payment, strengthening the convenience of cryptocurrency payment, and further promoting the mass adoption of cryptocurrency and blockchain. Bitfinex Pay represents Bitfinex’s foresight and determination to promote the development of encryption technology.