In the latest move to bring bitcoin payments to the masses, BitPay is launching a new point-of-sale app, Bitcoin Checkout, for in-store payments.
With the launch of the mobile checkout app at Money20/20 in Las Vegas, a bitcoin payment solution is now available in 40 languages and includes multi-employee checkout, tipping, and tip reporting. The checkout app is available for Android devices currently and will soon roll out to iOS, according to a statement from BitPay.
BitPay is most excited by the one tap payment feature enabled by NFC, which allows shoppers to use their mobile phones to receive bitcoin payment instructions. The company said it’s easier to use than scanning a QR code, and since both NFC and QR support bitcoin payment protocols, the bitcoin walet can verify the request before sending a payment.
“For retailers, accepting mobile payments is a growing trend, but none of today’s industry offerings can provide a lower risk or lower cost than swiping a credit card,” said Tony Gallippi, co-founder and executive chairman of BitPay. “Accepting bitcoin can offer tremendous savings to merchants, especially merchants with a large international customer base, and BitPay’s service combined with the new mobile app is a fantastic value for merchants.”
Indeed, credit card and payment processing giants like First Data have acknowledged the role that one tap checkout will play in the future of shopping. According to a number of industry experts, swiping credit cards will soon be obsolete as newer, easier, and cheaper payment technologies emerge to take its place. The digitization of transactions and the interconnection of banking systems with transaction processors can speed the entire payment and reimbursement process, making life easier for both merchants and banks.
Now, with the one tap feature, BitPay is opening up bitcoin payments to the same kind of functionality, according to the company. The app also offers existing BitPay services, including next-day bank settlements, zero volatility risk, and Quickbooks import in order to report and reconcile bitcoin sales easily.