Like Apple Pay, it also uses near field communication (NFC) technology to make secure payments. Unlike Apple Pay, however, credit cards are no longer in the equation. The solution takes the form of a one-tap mobile point-of-sale (POS) app for merchants. Said Tony Gallippi, co-founder and Executive Chairman of BitPay:
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“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. 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.”
He added that BitPay’s previous POS app was designed more for the simple street vendor or one-person shop. Bitcoin Checkout can be used for mid-size businesses, handling hundreds of employees.