BitPay Partners BTC.com, Brings Bitcoin Payment Protocol to a Million Users. The payment standard also includes support for transaction received messages, as well as the automatic generation of refund addresses.
As Bitmain subsidiary BTC.com has become the latest bitcoin wallet provider to adopt the BIP70 transaction framework, enabling the company’s 1 million customers to send payments to businesses in cryptocurrency payment processor BitPay $1 billion merchant market.
At the starting of the year, BitPay adopted BIP70 as its invoicing standard, requiring all users sending BTC and BCH payments to BitPay merchants to use BIP70-compatible wallets. The firm said recently that, following this policy change, the rate of payment errors has plummeted to just 0.27 percent of all transactions, down from nearly 10 percent in June 2017.
That, according to BTC.com VP of business operations Alejandro de la Torre, is why BTC.com decided to adopt BIP70 for its 1 million bitcoin and bitcoin cash wallets.
“When a merchant uses BitPay, in order for their customers to pay using bitcoin or bitcoin cash, they must use a BIP 70 compatible wallet to complete the transaction. BitPay is one of the biggest providers of crypto-merchant services, and we believe in offering the best payment experience for our users that also supports on boarding merchants.”