- BitPay has signed an encryption agreement with Wix
Wix integrates crypto and Bitcoin payment processing solution
Comprehensive market capitalization of cryptocurrencies outspaces 70% of crypto market globally
BitPay, the globe's largest blockchain payment platform, and Wix, a leading global SaaS platform for building, managing and growing an online presence, announced the addition of BitPay cryptocurrency as a new payment option on the Wix e-commerce platform.
BitPay's blockchain payment interface integrates coherently with Wix's e-commerce platform, supporting Wix merchants to offer their customers payment options in bitcoin and other cryptocurrencies.
Consumers get to pay using 12 distinct cryptocurrencies. BitPay forthwith stays the course with the following currencies -- Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), XRP (in some countries) and BUSD, DAI, GUSD, USDP and USDC.
The comprehensive market capitalization of the cryptocurrencies listed above outpaces $ 1.4 trillion, which is close to 70% of the crypto market capitalization worldwide.
The assimilation of BitPay and Wix empowers Wix e-commerce consumers to undertake cryptocurrency payments through BitPay on their Wix-hosted websites.
"Wix is one of the largest and most widely used web development platforms with over 210 million users, so this is another step forward in the mainstreaming of cryptocurrencies," said Stephen Pair, CEO of BitPay, in a press release, as reported by Businesswire. "Companies can jump into the market quickly and capture additional sales by tapping into the massive cryptocurrency market, which is worth a trillion dollars."
Integration will amplify merchant sales
This integration grants Wix e-commerce merchants the contingency to augment their sales by enchanting first-time buyers using bitcoin or any other cryptocurrency. As per a study by Forrester Consulting commissioned by BitPay, merchants offering a cryptocurrency payment option often see a 2X upswing in average order value. Buyers tend to spend more than the fiat currency usage consumers.
"With BitPay, Wix merchants gain access to a whole new market of customers who prefer to pay with bitcoin and other cryptocurrencies, as well as a way for their business to tap into the growing cryptocurrency market," said Omer Shatzky, billing and payments manager at Wix, according to Businesswire.
Wix merchants may begin transacting crypto payments now by simply clicking on BitPay on their dashboard settings, followed by creating a BitPay account. No additional integration is required and BitPay's processing fee is capped at 1%.
Initially, the service will be accessible to merchants and Wix consumers in the United States, United Kingdom, Brazil, Australia, Canada and Germany.
Established in 2011, BitPay is reveling in its 10th year of inception in 2021. Hailed as a trailblazer in blockchain payment processing, BitPay offers services that eliminate chargebacks for fraud, reduce the cost of processing payments and enable borderless payments in cryptocurrency. BitPay is currently active in North America, Europe and South America and has raised more than $70 million in funds from leading investment firms.
Wix is a cloud-based website development platform with over 200 million registered users globally. Alongside free and premium subscriptions, Wix enables millions of businesses, organizations, artists and individuals to bring their businesses, brands and workflows online. Wix is headquartered in Tel Aviv, Israel, with 13 office locations across 7 countries, 9 of which are in the U.S. alone.