Today, we’re excited to announce we’ve partnered with Bitpay, the world’s largest crypto payment processor, to natively support XRP which will enable thousands of businesses to accept XRP for payments through BitPay’s merchant processing and cross-border payments platform safely, securely, and compliantly - by the end of the year. This will allow global businesses to accept XRP without any need for integration or enhancements. Additionally, Bitpay’s wallet users will be able to store, use, and send XRP in the BitPay wallet.
Global eCommerce retail sales are expected to reach $6 trillion by 2022. By being able to cut fees down to 1%, Bitpay recognizes there’s a big opportunity for merchants to save money and ultimately pass those savings onto consumers. In addition, BitPay customers are finding that accepting cryptocurrency attracts new buyers resulting in increased sales. Some of the largest companies in the world have already begun accepting cryptocurrency as a means of payment including Microsoft, AT&T, Overstock, Mercado Libre (Amazon of Latin America) and many others. You can pay your tuition, donate to Greenpeace, and even pay your taxes with crypto in the State of Ohio. This kind of broad acceptance is instilling confidence in the market and removes the barrier to entry for consumers to engage with digital assets in a tangible and practical way. As crypto goes mainstream, more merchants will want to take advantage of the fast and low-cost settlement digital assets can bring to their checkout flows.
XRP is a decentralized digital asset built for payments that is fast, reliable and scalable - well suited for eCommerce. Transactions settle in just 4 seconds, and cost fractions of penny. The XRP ledger can support 1,500 txns/per second, 24x7, and can scale to handle the same throughput as Visa – making it uniquely positioned for payments of any kind.
Both Ripple and Bitpay deploy technologies to solve real-world problems stemming from outdating financial infrastructure. Both companies are aligned in a common mission to remove friction from cross-border payments. It was inevitable Ripple and Bitpay would come together, and we couldn’t be more excited to work with our friends at Bitpay to help change the face of global eCommerce.
Read more at here.