BitPay Now Supports Bitcoin Lightning Network Payments

BitPay, a major crypto payment service provider, stated on Wednesday that it would add support for Bitcoin Lightning Network Lightning Network The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t Read this Term payments through its Payment Processing Platform. According to the press release, with the integration, merchants can now accept payments from Lightning-enabled wallets like CashApp and Strike, as well as cryptocurrency payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term from over 100 of the most popular crypto wallets.

With this integration, BitPay merchants and their customers will be able to complete bitcoin transactions at a lower cost. “BitPay’s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology,” Tony Gallippi, BitPay’s Co-founder, commented.

Lightning payments can be accepted by BitPay merchants without any changes. Lightning Network wallets will be accepted for payments by their customers. So far, the Lightning Network has not yet been enabled in BitPay’s wallet app.

“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 at Pacsun.com,” Michael Relich, the Co-CEO of PacSun, stated in the announcement.

The Lightning Network offers much lower fees, usually costing only a fraction of a cent. For merchants, this means customers pay less when using crypto, and they have access to a new growing pool of customers who prefer to pay by using the Lightning Network. BitPay says that paying with crypto is just as efficient as any other payment method. The Lightning Network makes payments more affordable, BitPay added.

Verifone's Partnership with BitPay

Last year, BitPay announced that it partnered with retail payments solutions provider Verifone to facilitate blockchain payment technology infrastructure to enable cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms.