“I’m very pleased to be able to make this announcement,” said Firoz Patel, Executive VP of Strategic Partnerships and Corporate Affairs. “Two years ago we announced our intention of treating Bitcoin like any other currency within the Payza platform and today we are living up to this promise.”
Payza adds full e-wallet support for Bitcoin
With this announcement, Payza becomes the first e-wallet provider to allow members to use Bitcoin just like any other currency. Along with being able to hold Bitcoin right in your Payza account, you can also 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. All Bitcoin transfers from Payza member to Payza member are instant.
Payza members can now keep their bitcoins right in their Payza e-wallets. You no longer need to have your own Bitcoin Wallet to hold those coins. This is great news for people who are just learning about Bitcoin or who are testing it out for the first time, since Payza now takes care of all the complicated security concerns for you.
This also means that you can now exchange Bitcoin to USD and USD to Bitcoin whenever you want, right within your Payza account! If the price looks right, you can make an exchange at any time of the day, any day of the year. The funds stay in your Payza e-wallet so there is no extra time for processing.
Merchants who use Payza to process online payments will also have the option to accept Bitcoin as payment for their products. In the past, all payments made by Bitcoin would automatically be converted to fiat currency, but now merchants will have the option to keep those payments in Bitcoin until they choose to convert the funds themselves. It will still be possible to accept Bitcoin payments and automatically convert those funds to fiat currency.
Unlike traditional Bitcoin payments, which are irreversible, purchases made by Bitcoin through Payza’s online payment platform will still be protected by Payza’s Resolution Center. That means these transactions can be disputed if, as a customer, you did not receive the product or service you were promised. As with all transaction disputes, Payza will encourage an open and honest discussion between the buyer and seller to resolve the situation and Resolutions Specialists will be available to mediate the dispute and render a final decision on the outcome if necessary.
The new Bitcoin services from Payza have generated a lot of interest and many of our members have already begun testing these features out for themselves.
Here at Payza, our goal is to let you pay or get paid your way. No matter where you are in the world, there are a number of different ways to send and receive money via Payza. One of our most popular features is our unique support for Bitcoin. Payza was one of the first payment platforms to introduce cryptocurrency support, first with Bitcoin Withdrawals, which remains one of the easiest ways to buy Bitcoin online, then with Bitcoin Deposits, an equally simple way to sell Bitcoin.
Bitcoin has gotten more popular and more widely used since then – in fact, this week Bitcoin hit a new record high. It was the perfect time for Payza to unveil a wide range of new Bitcoin features, including full Bitcoin currency support, allowing Payza users to hold the cryptocurrency right in their e-wallets.
Exchange Bitcoin to or from Fiat Currency
When Payza began supporting Bitcoin in 2014, users could deposit and withdraw funds from their accounts using Bitcoin, but those funds would always be converted to or from USD and Bitcoin could not be held in their e-wallets. Now with full support for Bitcoin, you can hold Bitcoin balances in your account and freely convert funds between Bitcoin and the fiat currencies that Payza supports.
To Exchange Bitcoin within your Payza account, just follow these steps:
- In your Payza account, click on “Wallet” and then on “Manage Balances”.
- Select “Exchange Currencies”.
- To exchange fiat currency into Bitcoin:
- Under “Balance” select the currency you’d like to exchange from.
- Under “Transfer amount” enter the amount in the original currency you’d like to convert into Bitcoin.
- Under “Transfer to” select “Bitcoin”.
- To exchange Bitcoin into fiat currency:
- Under “Balance” select “Bitcoin”.
- Under “Transfer amount” enter the amount of Bitcoin that you’d like to convert into a fiat currency.
- Under “Transfer to” select the currency you’d like to exchange your Bitcoin into.
- Click “Next”.
- Review the transaction details and click “Confirm”.
On the Exchange Currencies page there is a handy currency calculator on the right hand side of the page where you can view up-to-date currency exchange rates and calculate the value of your currency exchange transaction. Use the currency calculator to help you find the perfect time to make your Bitcoin exchange.
Send Funds by Bitcoin
On top of being able to exchange Bitcoin and hold Bitcoin directly within your Payza account, now you can also send Bitcoin to other Payza members instantly within your Payza account.
To Send Bitcoin, follow these steps:
- In your Payza account, click “Send Funds” in the top menu.
- Enter the email address of the Payza user you’d like to send funds to.
- Enter the amount of Bitcoin you would like to transfer.
- Under “Currency” select “Bitcoin”.
- Under “Fees” select whether you’d like the recipient to pay the fees (they will be deducted from the total amount sent), or whether you’d like to pay the fees (in addition to the total amount sent).
- Review the details, enter your Transaction PIN, and click “Send”.
When you send Bitcoin using Payza, the receiving fees are just 1.2%. That’s lower than the standard receiving fees for other currencies, making Bitcoin a great currency choice for sending and receiving money through Payza.
Bitcoin Wallet Transfers – Send Bitcoin from Payza to other Bitcoin Wallets, or from other Wallets to Payza
You can now transfer Bitcoin between your Payza e-wallet and other Bitcoin Wallets, allowing you to easily add and withdraw Bitcoin from your Payza account.
To Add Bitcoin to your Payza account from a Bitcoin Wallet, follow these steps:
- In your Payza account, click “Add Funds” in the top menu, then select “Bitcoin”.
- Select whether you’d like the funds to be deposited in Bitcoin or to be converted into USD.
- Enter the deposit amount (in Bitcoin), and click “Next”.
- Review the details, enter your Transaction PIN, and click “Deposit”.
- Payza will provide you with a unique Bitcoin address for you to send your Bitcoins and a set of instructions for completing your transaction.
To Withdraw Bitcoin from your Payza account and send it to another Bitcoin Wallet, follow these steps:
- In your Payza account, open “Withdraw Funds” in the top menu, then select “Bitcoin”.
- Select Bitcoin as your Payza currency balance, enter the Amount, enter the address of your Bitcoin Wallet, and click “Next”.
- Review the details, enter your Transaction PIN, and click “Withdraw”.
With these new features, Payza has become the world’s first e-wallet provider which allows members to use Bitcoin just like any other currency. On top of the newest features, Payza will be unveiling more Bitcoin features in the coming weeks and months, including full cryptocurrency exchange services and Payza Card integration.
Payza is committed to providing versatile payment options for internet users everywhere. New features are introduced all the time as Payza continues to improve services for customers all over the globe.
More Payza Bitcoin options still to come
On top of the features announced today, Payza will be unveiling more Bitcoin and cryptocurrency features in the coming weeks and months. Here is a sneak preview of what to expect:
Full cryptocurrency exchange services: Along with Bitcoin exchanges, Payza members will soon be able to exchange dozens of cryptocurrencies right within their Payza accounts. Buy or sell Litecoin, Dogecoin, Monero, Dash, Ripple, and many more digital currencies using Payza. No other e-wallet service gives you this many options when it comes to cryptocurrency exchanges and Payza is proud to take the lead in this service.
Fund your Payza Card instantly by using Bitcoin: Payza members will soon be able to instantly exchange and transfer Bitcoin to load up their Payza Cards. This new feature will give Payza members a way to instantly convert Bitcoin into fiat currency that can then be used anywhere the Payza Card is accepted: online, in-store, or at most ATMs.