The cryptocurrency payment facilitator is adding a user-experience upgrade and requirement identification for high-value transactions.
Cryptocurrency payment facilitator BitPay has announced a range of product upgrades to improve service delivery to customers, according to a blog post. And the roster of changes includes tightened security measures.
BitPay’s Service Upgrades
First on Bitpay’s list of upgrades is the introduction of the BitPay Dashboard, a feature which will provide a much more personalized experience for shoppers using the platform. The dashboard will house the user's transaction histories and BitPay's new payment features going forward. The product is live for current customers but noncustomers can create a dashboard with an email and password, according to the post.
Next up is BitPay ID; a cross-platform identification feature that simplifies the login process for accessing multiple BitPay products. In the blog post, BitPay says the ID system would work like the Apple ID, the user identification feature that is ubiquitous on all Apple products. Use of BitPay ID will be required to access the dashboard and BitPay business accounts.
Sharing Your ID
The upgrades include the introduction of a new identification measure to cover high-value refunds, payments and payouts. In addition to BitPay ID, selected users will have to go through a one-time verification process. During this stage, they will verify their identities with data such as their photo ID, passport number and social security number.
“This process helps us improve our identity verification efforts and reduce payment risk for BitPay’s merchants,” according to the announcement. “It’s also a requirement for us to be able to offer verified users future services like Bitcoin payouts, or faster onboarding for people who want to get BitPay prepaid products.”
The requirement will apply to cases in which users make payments of $3,000 or more to a BitPay merchant, request refunds of $1,000 or above or request BitPay payouts.
BitPay is one of the few companies that had a stellar 2018 despite the prolonged bear market, processing over $1 billion in payments.
“Merchants are now able to easily accept Bitcoin payments in a simple, easy way without any support issues,” Sean Rolland, head of product of BitPay, said at the time. “This was our biggest request by our enterprise merchants.”