Best Alternative Payment Solution
BitPay was one of the first platforms widely adopted for processing cryptocurrency and blockchain-based payments and has become one of the largest and most well-known in the space. It is one of eight first-time winners in this year’s CNP Awards, nabbing the Judges Choice award in the Best Alternative Payment Solution category.
The company has traced the evolution of digital currency, starting by enabling mostly small businesses to leverage a new way to pay online and growing to service enterprises as cryptocurrency gained legitimacy. One of the reasons cryptocurrency continues to gain the confidence of merchants of all sizes is they are protected from chargebacks.
“In 2011, BitPay saw the potential to make it easy for businesses to accept blockchain payments and revolutionize the financial industry,” the company said. “BitPay leverages the blockchain to provide transactional transparency. It is impossible to use a blockchain payment method like Bitcoin for credit card fraud as every transaction is verified, recorded and stored on a public, tamper-resistant ledger. This eliminates traditional fraud and identity theft risks associated with credit cards. As a result, there are no chargebacks.”