Despite Bitcoin being a global and borderless form of payment, there are still efforts underway to enable bitcoin acceptance globally. Most merchants still find it difficult to find a Bitcoin payment solution that suits all of their needs. A recent partnership between Bitnet and PAY.on might shake up the e-commerce industry as a whole, and catapult Bitcoin to the foreground in spectacular fashion.
Using Existing Infrastructure To Leverage Bitcoin Adoption
Pushing Bitcoin adoption to new levels, especially where merchants are concerned, is not an easy task. By using an existing global payment network – in the form of PAY.ON – Bitnet aims to enable Bitcoin payments to existing merchants all around the world. Doing so allows merchants to expand their customer base exponentially, as Bitcoin payments can be used anywhere in the world.
However, the option to enable Bitcoin payments is still a decision to be made by the individual merchant or payment processor. PAY.ON can only offer this new feature to their existing and new customers, but Bitcoin payments will not be enabled by default. Enabling Bitcoin payments, as a merchant, will not require additional code to set up on websites.
The reason why this partnership between Bitnet and PAY.ON is so strategic, is due to the latter’s list of PSP clients. With over 100 PSP clients using the services offered by PAY.ON, Bitcoin adoption could receive a tremendous boost from this partnership in the next few months. Additionally, none of the merchants will be exposed to the volatility associated with the Bitcoin price.
“PAY.ON and Bitnet have built robust, industry-leading payment processing technology based on the same fundamental principles. Flexibility, scalability, and security are delivered through RESTful APIs, making bitcoin acceptance simple for our network of payment service providers and their merchants. Enabling cross-border e-commerce has always been a core part of PAY.ON’s offering, so we are delighted to be partnering with Bitnet to further strengthen the global payment options available through our platform.” – PAY.ON Founder and CEO Markus Rinderer told DigitalMoneyTimes.
Bitnet Inks Another Major Partnership
Bitnet is the only Bitcoin payment processor in existence to focus on both merchants and PSP clients at the same time. Merchants can set prices in any of the supported local currencies, accept Bitcoin payments from all over the world and settle the transaction in their own preferred currency. Giving merchants and customers as many choices as possible is what makes the e-commerce ecosystem tick.
“Our partnership with PAY.ON enables us to achieve scale by enabling bitcoin acceptance for over a hundred PSPs globally. PAY.ON is an innovative technology company that powers payments infrastructure at a global level and we are excited to be working with their team to bring bitcoin acceptance to their PSP clients around the world.” – Bitnet Founder and CEO John McDonnell told the media.
Source: Multichannel Merchant
Images courtesy of Bitnet, PAY.ON and Shutterstock