Cryptocurrency payments processor BitPay announced Wednesday (April 20) that two new exchanges and two new wallets had adopted its payment protocol.
According to BitPay – the world’s largest provider of Bitcoin and one of the oldest cryptocurrency companies – the crypto providers adopting its service are Bitso, Bitstamp, Edge and Guarda.
“BitPay’s accurate payment protocol, the BitPay Protocol, enables more reliable blockchain payments by eliminating common payment exceptions including overpayments, underpayments, late payments, unconfirmed payments, and potential double-spend payments,” the company said in its announcement.
Aside from the new partners, the BitPay Protocol has been adopted by Blockchain Wallet, the largest self-custody wallet in the world. BitPay says a number of other high-profile wallets are payment-enabled including Electrum, BRD, Metamask and Ledger.
PYMNTS spoke with BitPay CEO Stephen Pair last week about the protocol, which brings the more accurate payment technology the company had created for its crypto wallet to an industry struggling with an unacceptably steep industrywide exception rate as high as 10%.
That’s vital in a sector where transactions cannot be reversed after being written onto an uneditable and unalterable blockchain, and in which the miner fees paid for transactions can be tough to predict.
“It’s not great if their first experience is their wallet underpays the invoice or it overpays the invoice, and now they have to get a refund or redo the transaction,” Pair told PYMNTS’ Karen Webster. “You want every payment to just work.”
BitPay first launched its accurate payment specification in 2017 to eliminate payment exceptions in crypto transactions.
Since then, the company has expanded on the available features, leading to a point where businesses can now accept crypto through BitPay and receive error-free payments from more than 200 million crypto users.