Since the birth of Bitcoin and the development of the cryptocurrency market, People have progressively started embracing cryptocurrency payments due to its fast, direct, and secure features. The impact of the COVID-19 pandemic is also promoting the growth and use of these cryptocurrency payment platforms.
Bitfinex Pay, the digital token payment service launched by the OG exchange Bitfinex has also been welcomed by an impressive number of merchants and users.
This article will give you more insight about Bitfinex Pay, the development of digital currency cross-border payment in this new era, the advantages of Bitfinex Pay in cross-border payment, and the effect of cryptocurrency payment on cryptocurrency transactions.
Digital tokens for cross-border payments
With the rapid development of the world economy and the continuous growth of cross-border trade, the cross-border payment industry is full of infinite vitality. However since the COVID-19 pandemic, there are several restrictions on traditional cross-border payments, which has rapidly influenced the demand for cross-border payments in cryptocurrencies.
Japan’s e-commerce leader Rakuten announced as early as 2021 that it will connect its encrypted wallet, electronic payment function, and trading platform, to enable users to store value in Rakuten payment accounts with cryptocurrency, which can be used on Rakuten Cash and Rakuten Payment platforms.
Furthermore, In a statement at the World Economic Forum (Davos Forum) on May 23, 2022, the vice president of PayPal, the world’s largest electronic payments giant, said: “PayPal is doing its best to integrate all possible blockchains and cryptocurrencies into its services.
Bitfinex, a ten-year-old veteran cryptocurrency exchange, launched a simple and convenient platform Bitfinex Pay in 2021 to help merchants receive cryptocurrency payments smoothly and safely and make more profits. Constantly exploring the infinite possibilities of cryptocurrency payment in terms of currency types and other aspects.
Bitfinex launches digital token payment service- Bitfinexpay
The crypto exchange platform Bitfinex was established in 2012 and it is one of the oldest cryptocurrency trading platforms in the world.
Bitfinex Pay was launched on March 4, 2021, focusing on “contactless, borderless” digital token payment services. To put it simply, Bitfinex Pay is a widget that supports cryptocurrency online payments and can be used after integrating it with the merchant’s websites.
Bitfinex Pay currently supports BTC, ETH, USDt, EURt, AVAX, Dogecoin, Litecoin, Polygon(Matic), Solana, and a variety of cryptocurrencies for merchants and customers to use, and will continue to add new cryptocurrencies to the currency list in the future.
“Convenient” and “security” features of Bitfinex Pay
If merchants want to use Bitfinex Pay, they need to first register a Bitfinex account and pass the verification process. After the consumer clicks the Bitfinex Pay button on the merchant’s webpage that cooperates with Bitfinex Pay, they will be automatically directed to the payment page, and the payment will be directly deposited into the merchant’s registered Bitfinex wallet.
The convenience that comes with using Bitfinex Pay products is mainly reflected in the following aspects:
1) No handling fee, Bitfinex Pay does not charge any handling fee, but the small transaction fee generated on the relevant blockchain must be borne by the merchant and its customers.
2) For merchants, Bitfinex Pay can be easily installed. It only takes a few simple steps to complete the setup of Bitfinex Pay on the merchant’s webpage.
3) It is fast and secure, compared to the traditional cross-border payment …….