The era of cryptocurrency payments has arrived, as BitoTrust partners with BlueCash to launch “BitoPay”. Over the past year, several exchanges in Taiwan have introduced cryptocurrency payment services in collaboration with merchants, allowing cryptocurrencies to be used not only for investment but also for everyday consumer purchases and payments.
BitoTrust, one of Taiwan’s two major exchanges, has unveiled the key features of “BitoPay” today. “BitoPay” is a cryptocurrency payment tool launched by BitoTrust in collaboration with payment brand BlueCash, making it easy for consumers to use cryptocurrencies for purchases and payments, while also enabling seamless integration for merchants into the cryptocurrency market.
Merchants currently working with BlueCash can already utilize the services of “BitoPay”. In the future, BitoTrust will continue to expand its cooperation with merchants, further increasing support for local businesses to accept cryptocurrency payments. Consumers simply need to scan the merchant’s QR code using the BitoTrust app to initiate the payment process.
Consumers can choose from three mainstream cryptocurrencies for payment, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). After entering the SMS verification code, a “Transaction Successful” page will appear, completing the process of the encrypted payment transaction. Consumers can also view past transaction details on the BitoPro website or app.
Based on firsthand experience, the overall payment process of “BitoPay” is simple and fast. For consumers, the user experience is similar to using mobile payments currently available. For collaborating merchants, BitoTrust will directly transfer New Taiwan Dollars to them based on each transaction order, avoiding the hassle of receiving cryptocurrencies or potential exchange rate risks. This not only ensures the convenience and diversity of transactions but also provides merchants with an opportunity to tap into the cryptocurrency market.
Zheng Guangtai, the founder of BitoTrust Group, emphasized that the significance of this collaboration lies in gradually familiarizing users with cryptocurrency payments. He compared it to the advent of AI, stating that we cannot afford to think slowly about it as we did in the past because once OpenAI was introduced, its adoption rapidly increased. Therefore, it is essential to lay the groundwork in advance.
️ Further reading:
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Temporary exemption of merchant transaction fees
To seize the opportunities presented by cryptocurrencies and attract high-spending customer groups, merchants can now activate “BitoPay” in the BlueCash member area. After passing the review process, they can quickly enable cryptocurrency payment functionality and enjoy the official promotion of exempting merchants from “BitoPay” transaction fees.
In other words, from now until July 31st,
there will be no transaction fees for orders completed using “BitoPay”
during this period. This allows both merchants and consumers to have more diverse payment options, promoting the application and convenience of cryptocurrencies in the Taiwanese market. After the promotional period ends, the transaction fees for merchants will revert to 2%.
BitoTrust stated that they have observed a growing demand for cryptocurrency payments among users recently. The second phase of “BitoPay” service is nearing completion, and they plan to expand the payment options to include more cryptocurrencies such as BitoTrust Coin (BITO Coin) later this year.
