Belfast-based start-up Bitnet, staffed by a team of ex-Visa and ex-CyberSource executives, has forged a strategic alliance with PAY.ON to make it easier for payment service providers to integrate bitcoin as a payment method.
PAY.ON works with local payment providers as well as multinational payment organisations serving the world’s biggest retail chains.
The deal with Bitnet will mean it can enable service providers to enable merchants to add bitcoin payments to their checkout pages without exposing them to the risk of fraud or the volatility of bitcoin value.
‘Our partnership with PAY.ON enables us to achieve scale by enabling bitcoin acceptance for over a hundred PSPs globally’
– JOHN MCDONNELL
“PAY.ON and Bitnet have built robust, industry-leading payment processing technology based on the same fundamental principles,” said Markus Rinderer, CEO and Founder at PAY.ON.
“Flexibility, scalability, and security are delivered through RESTful APIs, making bitcoin acceptance simple for our network of payment service providers and their merchants.
“Enabling cross-border e-commerce has always been a core part of PAY.ON’s offering, so we are delighted to be partnering with Bitnet to further strengthen the global payment options available through our platform.”
Bitcoin player to achieve scale through online merchant alliance
A recent Siliconrepublic.com Start-up of the Week, Bitnet allows merchants to set prices in local currency, accept bitcoin payments from consumers, and settle the transaction in the merchant’s currency of choice.
“Our partnership with PAY.ON enables us to achieve scale by enabling bitcoin acceptance for over a hundred payment service providers (PSPs) globally,” said John McDonnell, CEO and founder at Bitnet.
“PAY.ON is an innovative technology company that powers payments infrastructure at a global level, and we are excited to be working with their team to bring bitcoin acceptance to their PSP clients around the world.”
Bitnet’s engineering, product and business development team helped build and manage the world’s largest payment gateway, CyberSource, which was sold to Visa for US$2 billion in 2010.
Bitcoin image via Shutterstock
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