Crypto payment service provider BitPay has announced the support of Bitcoin Lightning Network on its platform. As a result, payments will be possible through its Premium Processing Platform.
The firm added that the integration will allow merchants to accept payments from Lightning network-enabled wallets such as Strike and CashApp. It can also allow merchants to receive crypto payments from over 100 crypto-based wallets.
The integration will also enable BitPay merchants and their customers to complete Bitcoin transactions at a lower cost. It offers customers more options to receive payment by using blockchain technology.
The Collaboration Offers Instant Payment
BitPay can also accept Lightning payments without any charges, the Lightning wallet can be ac accepted for Payments by their customers.
However, the Lightning network has not been enabled in BitPay’s wallet app, as it is still undergoing a testing phase.
Pacsun, which is also one of the partners of the Lightning Network, will also be accepting Bitcoin payments through Lightning Network Chief Executive Officer of PacSun, Michael Relich, commented on the collaboration with Lightning Network by describing it as another option for customers to enjoy low network fees. Apart from its low fees, the network also ensures instant payments. It provides more opportunities for all Bitcoin holders to shop online at Pacsun.com, according to Relich.
Merchants And Customers Enjoy Low Fees
One of the attractions of the Lightning Network is its much lower fees, which are usually a fraction of a cent. This means that customers will be paying less when they use crypto, which can encourage more transactions with cryptocurrencies.
The merchants also have a lot to gain because they will have access to a new growing pool of customers. Many are not opting to pay with the Lightning network and the numbers will only get better when more platforms have adopted the network. BitPay users are also excited about the new payment option. They say making payments with crypto is just as effective as paying with other methods.
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Source: https://insidebitcoins.com/news/bitpay-now-allows-merchants-to-make-payments-using-lightning-network