BitPay Adds Support for Bitcoin Lightning Network Payments
BitPay announces Lightning Network support, bringing efficient bitcoin payments to millions of shoppers.
Cryptocurrency payment services provider BitPay, announced immediate support for Bitcoin Lightning Network payments through its Payment Processing Platform. BitPay merchants can now receive payments from Lightning-enabled wallets like CashApp and Strike, in addition to cryptocurrency payments from over one hundred of the most popular crypto wallets. Consumers now have a low-cost alternative when paying with Bitcoin at a BitPay-enabled merchant.
Tony Gallippi, BitPay’s Co-founder, commented;
“BitPay’s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology.”
As a result of the integration, BitPay merchants and their customers will be able to complete cost-effective bitcoin transactions with lower fees. The combination of payments made through the main Bitcoin blockchain and through Lightning Network result in an overall better payment experience that is fast, low cost and scalable.
Michael Relich, Co-CEO of PacSun, said:
“PacSun is excited to be one of the first BitPay partners to accept Bitcoin payments using the Lightning Network. The Bitcoin Lightning Network provides our customers with instant payments and exceptionally low network fees, and creates more opportunity for all holders of bitcoin to shop online.”
Fees on the Lightning Network are much lower, typically costing a fraction of a cent. For merchants, this means customers pay less when using crypto and they have access to a new fast growing base of customers who prefer to pay using the Lightning Network. For customers, paying with crypto is as efficient as any other payment method. Payments become more economical with the Lightning Network.
BitPay merchants do not need to make any changes or adjustments in order to accept Lightning payments. Their customers will have the option to make payments from any Lightning Network supported wallet. BitPay’s wallet app has not yet enabled the Lightning network.
The Lightning Network has significant potential to spread Bitcoin’s use for everyday payments, as Lightning nodes operate payment channels that only settle their final balance on the main Bitcoin blockchain when they are closed, reducing the volume of transactions that must be confirmed at the base layer — a relatively time-consuming and costly process. But the Lightning Network is not as widely used as legacy payment rails like credit cards are. The addition of Lightning support at BitPay could help to change that.
