The Era of Cryptocurrency Payments is Here! BitoGroup’s “BitoPay” Function Revealed
Cryptocurrencies are not just for investment anymore; they can now be used in daily life. Over the past year, several exchanges in Taiwan have introduced cryptocurrency payment services, marking the arrival of the era of cryptocurrency payments.
Recently, BitoGroup, one of Taiwan’s leading exchanges, announced that they will be hosting a media event for their cryptocurrency payment service, “BitoPay,” next Thursday (5/9). The details of this service have also been revealed in advance.
“BitoPay” is a cryptocurrency payment tool launched by the exchange BitoTrust in collaboration with the payment brand Pay2Go. It allows consumers to easily use cryptocurrencies for transactions and payments, while businesses can seamlessly connect to the cryptocurrency market.
According to the disclosed information from the interview notice, consumers only need to scan a QR code through the app at participating merchants to choose from three mainstream cryptocurrencies for payment: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). They can also view transaction details on the BitoPro website or app.
For businesses, the platform will directly transfer New Taiwan Dollars to the merchants based on each transaction order, avoiding the hassle of receiving cryptocurrencies or the risk of exchange rate fluctuations. This not only ensures the convenience and diversity of transactions but also provides businesses with an opportunity to enter the cryptocurrency market.
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This year can be considered as the official arrival of the “cryptocurrency payment era” in Taiwan. Another exchange, MaiCoin Group, launched the blockchain payment service “MaiPay” last year, and the e-commerce platform “Cryptocurrency Market” also started to explore payment opportunities this year.
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Currently, “MaiPay” supports five cryptocurrencies for payment, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT, USDC), and MaiCoin’s platform token, MAX. Similarly, consumers scan the QR code, and the platform transfers New Taiwan Dollars to the store, eliminating the need to worry about technical and operational issues for both parties.
Cryptocurrency Market is an online e-commerce platform that offers a wide range of products, including fashion, technology, and household items, allowing consumers to make purchases directly using Tether (USDT) online.
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The popularization of cryptocurrency payments not only represents a shift in payment methods but also symbolizes the innovation and progress of financial technology. In the future, as the digital payment field continues to evolve, Taiwan’s cryptocurrency payment market will face more opportunities and challenges. Enterprises need to constantly innovate and improve service quality to attract more users while also adapting to changes in regulatory policies and market risks.
Currently, blockchain payments are still in the development stage, with limited user numbers and supported channels. If there is more policy support in the future, consumers will have more diverse and tailored payment options.
Proofread by: Gao Jingyuan