PAY.ON Partners With Bitnet To Simplify Global Bitcoin Acceptance

PAY.ON wants to help make the bitcoin payments world a bit easier for global PSPs, and through a strategic partnership with Bitnet — an enterprise bitcoin payments processor — the duo announced it's on its way to doing so.

PAY.ON, a provider of white label global payment gateway solutions, announced today (Aug. 18) that the partnership will enable payment service providers globally to offer bitcoin as a payment method using PAY.ON’s RESTful API-based payment platform.

“PAY.ON and Bitnet have built robust, industry-leading payment processing technology based on the same fundamental principles,” said Markus Rinderer, CEO and Founder at PAY.ON. “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 eCommerce 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.”

Through this partnership, PAY.ON’s clients — which range from businesses from local payment providers to multinational PSPs serving retailers — now have to option to offer merchants the ability to add bitcoin to their checkout pages. PAY.ON’s PSP clients can also now offer bitcoin payments "without exposing their merchants to the risk of fraudulent transactions or volatility in the price of bitcoin," PAY.ON said in a company release. 

“Our partnership with PAY.ON enables us to achieve scale by enabling bitcoin acceptance for over a hundred PSPs globally,” said John McDonnell, CEO and Founder at Bitnet. “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, the first bitcoin payment processor designed specifically for both merchants and PSPs, was founded by a team of ex-Visa and ex-CyberSource payment professionals. It enables merchants to set prices in local currency, accept bitcoin payments from consumers, and settle the transaction in the merchant’s currency of choice.

According to PAY.ON's release: "Bitnet guarantees payment within seconds with their unique Instant Approval service, preserving the typical merchant checkout flow that is designed for card acceptance, and therefore simplifying implementation. This is in keeping with PAY.ON’s mission to remove the complexity from payments and streamline cross-border eCommerce. Merchants additionally benefit from offering a digital payment method that expands their business to a new customer base, generating a new revenue stream without significant implementation costs."

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The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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