By Adedapo Adesanya
Global peer-to-peer fintech, Paxful, has introduced an e-commerce solution called Paxful Pay to enable businesses worldwide to receive bitcoin.
The service is available from Friday, June 4 and will allow customers to pay with almost 400 payment methods – exchanging into bitcoin that is sent to the merchant’s digital wallet. Businesses can register now to add Paxful Pay as a purchase option to their online checkout process.
Through Paxful Pay, businesses can manage their earnings and convert bitcoin into their local currency on the Paxful Marketplace using almost 400 payment methods.
Merchants will also have control over the configuration of the solution on their Paxful Merchant Dashboard and can track every transaction.
The company expects to expand to other digital currencies and plans to introduce automatic conversion into stablecoins such as Tether (USDT).
Further down the line, Paxful Pay will allow merchants to automatically convert bitcoin into their local currency within their bank account.
Consumers can expect the typical e-commerce flow, but will now have the option of selecting Paxful Pay as a payment method. This will prompt users to create a new profile or login as an existing Paxful user.
Users can then use almost 400 payment methods to complete their purchase.
With their Paxful login, users can also take advantage of Paxful’s other products such as Paxful Marketplace and Paxful Wallet.
The CEO and co-founder of Paxful, Mr Ray Youssef, said: “In many regions across the globe, we see people use bitcoin as a financial tool for purchasing goods and services. Bitcoin has several different use cases that we have only begun to leverage, and e-commerce is a great example.
“At Paxful, it’s imperative that we give users and businesses around the world the opportunity to take advantage of the power of bitcoin to gain financial freedom.”
On his part, the COO and co-founder of Paxful, Mr Artur Schaback, said: “We’re thrilled to bring Paxful Pay to our global community. There is a clear need to offer local options for bitcoin and this product is a culmination of our efforts to deliver on that demand.
“By offering users the ability to complete purchases using almost 400 payment methods, they will now have an even stronger financial solution at their fingertips. We cannot wait to expand this offering to encompass as many merchants as possible.”
Currently, Paxful has over 100 merchants on Paxful Pay. As the company ramps up the service, it expects to onboard a select number of new merchants in the coming weeks. From there, Paxful Pay will expand more generally.
Founded in 2015 and completely bootstrapped since then, Paxful is headquartered in New York with offices in Estonia, the Philippines and Russia. The team has doubled in size over the last 12 months, growing to over 400 people.
