CardCash Announces Bitcoin Payments Through BitPay
CardCash, the web’s largest secondary gift card marketplace, today announced that it will be accepting bitcoin payments through BitPay, the world’s largest bitcoin payment processor. The new integration allows CardCash customers to buy discounted gift cards with bitcoin, expands bitcoin user purchasing power to include more than 1,100 national and regional retailers, and brings the prepaid card industry and bitcoin closer together.
CardCash buys unwanted gift cards and then sells them at discounts up to 35% less than face value. Through this partnership with BitPay, customers can pay for their gift cards with bitcoin and shop at over 1,100 of the largest national and regional retailers, including Walmart, Delta Airlines, Macy’s, and Shell. Approximately 70% of gift cards on CardCash.com are e-cards, meaning most purchasers will receive their redeemable code in 30 minutes or less.
Gift cards make up a large percentage of overall bitcoin sales because they bridge the gap between bitcoin users and many major brands that do not yet accept bitcoin payments directly. Additionally, the significant savings offered by CardCash is expected to boost the success of this partnership to new heights.
Bitcoin, a pioneering digital payments currency, minimizes the risk of fraud and chargebacks through its use of secure cryptography. Similarly, CardCash has pioneered the current compliance and security standards for secondary gift card retailers. By now accepting bitcoin payments, CardCash will further improve customer security and reduce exposure to fraud.
“BitPay has developed a sophisticated bitcoin payment processing platform, which meets CardCash’s industry-leading compliance and security standards,” said Elliot Bohm, CEO of CardCash.
“We continually look for ways to improve our customers’ shopping experience, and bitcoin helps ensure the fastest and most secure transactions possible.”
"Gift cards are one of the more popular categories of bitcoin sales we process” said Sony Singh, Chief Commercial Officer at BitPay.
“We expect this partnership to expand on the success of Bitcoin in the prepaid card space, especially given CardCash’s substantial incentives and savings.”
Founded in 2008, CardCash offers the country’s largest and most secure selection of discounted gift cards online. The company has been ranked for three straight years on Forbes’ list of America’s Most Promising Companies, and for four straight years on the prestigious Inc. 500 list of the fastest growing private companies in America.
CardCash raised $6 million in equity funding from Guggenheim Partners in November 2013, and $6 million in debt funding in December of 2014 from Sterling National Bank. In 2014 CardCash acquired former rival Plastic Jungle, and entered into a strategic partnership with Incomm, a leading provider of connectivity and integrated point-of-sale technology solutions to retailers. Visit cardcash.com for more information.
BitPay is the global leader in Bitcoin payment processing with offices throughout North America, Europe, and South America. The company has raised over $32 million from top investors including Index Ventures, Founders Fund, and Sir Richard Branson. With over four years of experience handling Bitcoin payments, BitPay is the industry's first and most experienced Bitcoin payment processor.