Global payment platform Payza said that it has become the first eWallet provider to include Bitcoin like any other fiat currency.
Members can now hold their bitcoins directly in their Payza eWallets, no longer needing a separate Bitcoin Wallet to perform Bitcoin exchanges to or from fiat currencies.
Additionally, Payza members can now instantly send and receive Bitcoin to and from other Payza members. The fee to receive Bitcoin is just 1.2% per transaction, which is lower than the standard Payza receiving fee of 2.9% + $0.30.
Merchants who use Payza to process online payments will also have the option to receive Bitcoin as payment for their products. Previously, all payments made by Bitcoin were automatically converted to fiat currency.
With today's announcement, merchants will have the option to retain those payments in Bitcoin in their eWallets until they choose to convert the funds themselves. Merchants will also have the option to set their prices directly in Bitcoin without setting that price in a traditional currency like U.S. dollars. However, it will still remain possible to accept Bitcoin payments that are automatically converted into fiat currency.
"We were among the first online payment platforms and eWallet providers to embrace Bitcoin back in 2014," says Firoz Patel, Payza's global executive vice president.
"Even then we recognized the important role Bitcoin was set to play in eCommerce. The ultimate goal was to provide our members a secure option to store their bitcoins in their Payza accounts. So we mapped out a set of incremental steps to accomplish that goal. Today, we fulfill our promise to our members and are now able to treat Bitcoin like any other currency we deal with. This means that every Payza member can now hold Bitcoin in their eWallets, and send and receive Bitcoin throughout our network, just like they would with USD, Euros or Sterling."
Payza began offering Bitcoin services to account holders in 2014 with the introduction of Bitcoin Withdrawals, one of the easiest ways to buy Bitcoin online. Within three months, Payza then announced Bitcoin Deposits, an equally simple way to sell Bitcoin. In May 2015, Payza launched a Bitcoin payment option, which enabled merchants to accept Bitcoin as payment for their products or services. Bitcoin payments were immediately converted and settled in USD to help avoid the risk associated with Bitcoin's volatility.
Today's Payza merchants will now have the choice to retain Bitcoin in their accounts or to immediately convert them to fiat currency. All purchases made by Bitcoin through Payza's online payment platform—unlike traditional Bitcoin payments, which are irreversible—will remain protected by Payza's Resolution Center, a section within Payza accounts dedicated to resolving transaction disputes between buyers and sellers.
"We're very excited about these new features because it positions Payza as one of the best options for Bitcoin neophytes who are ready to experiment with cryptocurrencies," explains Patel.
"We wanted to provide a worry-free way for our members to exchange and hold Bitcoin. We feel that the services announced today are perfect for people who are interested in Bitcoin, but are intimidated by the security risks and technical knowledge seemingly required to use them."
Patel also offered insight into Payza's upcoming cryptocurrency projects: "On top of the features announced today, Payza will be unveiling more Bitcoin and cryptocurrency features in the coming weeks and months. We are on track to launch full cryptocurrency exchange services, providing current and future crypto-enthusiasts the ability to exchange dozens of cryptocurrencies, not just Bitcoin, within their Payza accounts. We are also enhancing our Payza Card service: Payza members will soon be able to exchange Bitcoin in their Payza eWallets to instantly load their Payza Cards with U.S. dollars."