Crypto payments gain ground thanks to centralized payment processors
Mastercard, Visa, PayPal and several others have paved the way for crypto to be used as a tool of payment for buying daily needed goods. The cryptocurrency market has grown beyond many people’s expectations over the past decade. The nascent industry has managed to change mainstream perception quite significantly, especially in 2021, which saw many traditional financial institutions adopt crypto in one form or another.Some of the biggest public companies such as MicroStrategy started using Bitcoin (BTC) as a treasury hedge, while the likes of PayPal, Mastercard and Visa paved the way for....
Related News
Different payment processors have different opinions on the definition of a microtransaction, commonly known as a miniscule payment for a good or service. Small businesses in the US like to require that customers make at least a $10 transaction on a credit or debit card. That's because some processors charge more for smaller transactions in order to make money on every purchase. PayPal, for example, sets its fees higher when payments are below $12, which it considers a microtransaction. Paypal's normal rate is 2.9% + $0.30, while there is a higher 5% + $0.05 micropayments rate. Can it....
State Bank of India (SBI) has reportedly blocked payments to cryptocurrency exchanges using its Unified Payments Interface (UPI). Payment processors have been told to disable the bank’s UPI for crypto merchants. Payment Processors Instructed to Disable SBI UPI for Crypto Firms State Bank of India, the country’s largest bank, has reportedly “blocked the receipt of funds by crypto bourses on its UPI platform,” the Economic Times reported Wednesday, citing sources in the payments industry. Unified Payments Interface (UPI) is an instant real-time payment system....
The expansion in the Bitcoin ecosystem has surpassed all expectations. Even as the current value of Bitcoin offers no comfort to speculative investors, the dollar investment inflow has reached all-time highs, and consumer adoption is on the rise. These factors are quickly prompting the leading Bitcoin payment processors, such as Bitpay and Coinbase, to continuously re-innovate their services. Now among the incumbent list of Bitcoin payment processors, Denmark-based BitcoinPayGate, is fast approcahing the position as the customer's preferred choice of receiving payments in the digital....
Both of Bitcoin's major payment processors — BitPay and Coinbase — have publicly defended an increase in the block size limit as proposed by Bitcoin core developer Gavin Andresen. While many payment processors refrained from commenting directly to CoinTelegraph on the block size debate, including BitPay and Coinbase, the available information suggests that the industry leaders will back an increase. Two payment processors that did respond to our inquiry, Coinkite and BitPagos, have indicated they support alternative solutions, such as core developer Jeff Garzik's BIP 100. Agreed (but....
Joining the ranks of Coinbase, MtGox and Blockchain, Bitcoin developers Stefan Thomas and Jeremias Kangas have released a lightweight Bitcoin payment processor of his own, with a twist: you do not have to trust it to use it. The way that all other payment processors to date have kept track of individual orders is by creating a unique address for each payment, and forwarding any payments that they receive to the merchant. This does prevent the main issue with not bothering with payment processors and instead just having a single address - namely, that if you receive a payment you have no....