In a press release, BitPay Co-Founder and Executive Chairman, Tony Galippi, explained the necessity of the application:
“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.”
Utilizing NFC, currently available on Android, shoppers simply place their phone close to merchant’s point-of-sale tablet and receive payment instructions instantly. The process is easier than scanning a QR code, something the bitcoin community utilizes at its core when paying by phone.
“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,” Galippi said.
Of course, most all payment processors still support QR code functionality. The QR code became the backbone of the bitcoin business early on, but now with NFC technology it could be phased out relatively quickly. As mobile payments grow across all of the financial landscapes, QR codes could be left as a thing of the past relatively quickly.
BitPay is debuting the new app for people to test at Money2020 this year at booth #909. Anyone can stop by for a demonstration on how the application could work for them. What do you think? Comment below!
Images from Shutterstock.