Financial and Business News

"Bitcoin Checkout": BitPay's answer to Apple Pay, unveiled at Money 20/20

Wednesday, 05/11/2014 | 16:16 GMT by Leon Pick
"Bitcoin Checkout": BitPay's answer to Apple Pay, unveiled at Money 20/20

BitPay has unveiled its answer to the recently launched Apple Pay at Money 20/20 in Las Vegas: "Bitcoin Checkout". Following is a short demo of how it works:

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:

"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.

BitPay has unveiled its answer to the recently launched Apple Pay at Money 20/20 in Las Vegas: "Bitcoin Checkout". Following is a short demo of how it works:

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:

"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.

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