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BitPay Partners with Wix Enabling Wix Merchants to Accept Crypto Payments
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
partnership
Rhea-AI Summary
Wix has partnered with BitPay to introduce cryptocurrency payment options for its eCommerce platform, allowing Wix merchants to accept payments in over 12 cryptocurrencies, including Bitcoin and Ethereum. This integration enables businesses to tap into the vast cryptocurrency market, which has a total cap exceeding $1.4 trillion. Merchants can also benefit from lower transaction fees and an increase in average order value by about 2x. Initially, the service will be available to merchants in the US, UK, Brazil, Australia, Canada, and Germany.
Positive
Wix merchants can accept payments in 12 cryptocurrencies, increasing potential sales.
Transaction fees for BitPay are lower than traditional payment methods, enhancing profit margins.
Offering cryptocurrency payment options may lead to a 2x increase in average order values for merchants.
Negative
None.
Wix Merchants Can Quickly, Securely and Seamlessly Add Cryptocurrency Payments at Checkout
ATLANTA--(BUSINESS WIRE)--
BitPay, the world’s largest provider of blockchain payment services, and Wix (Nasdaq: WIX), a leading global SaaS platform to create, manage and grow an online presence, today announced the addition of BitPay’s Bitcoin and cryptocurrency payment processing as a new payment option on the Wix eCommerce platform. BitPay’s blockchain payment rails integrate seamlessly with Wix’s eCommerce platform allowing Wix merchants to offer Bitcoin and other cryptocurrency payment options to their customers.
The BitPay and Wix integration allows Wix eCommerce customers to accept crypto payments through BitPay on their Wix hosted websites. Consumers can pay using 12 different cryptocurrencies. BitPay currently supports, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), XRP (in certain countries) and 5 USD-pegged stable coins (BUSD, DAI, GUSD, USDP, and USDC). The total market cap of these accepted cryptocurrencies exceeds $1.4 trillion, accounting for nearly 70% of the global crypto market cap (as of October 4th, 2021).
“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 moving cryptocurrency mainstream,” said Stephen Pair, BitPay CEO. “Businesses can get to market quickly and capture incremental sales by tapping into the massive trillion-dollar cryptocurrency marketplace.”
The integration provides Wix eCommerce merchants the opportunity to grow sales by attracting first-time buyers who prefer to pay with Bitcoin or other cryptocurrencies. According to a study by Forrester Consulting commissioned by BitPay, merchants offering a crypto payment option often see a 2x increase in average order values as buyers who pay with cryptocurrency tend to spend more than other customers. BitPay transaction fees are lower than those of other traditional payment types, eliminating chargebacks and limiting potential fraud, enabling those who accept cryptocurrency payments significant savings.
“We’re continuing to integrate with innovative payment partners to offer Wix merchants even more payment options to offer their customers,” said Omer Shatzky, Head of Billing and Payments at Wix. “With BitPay, Wix merchants have access to a whole new market of customers who prefer to pay with Bitcoin and other cryptocurrencies and an avenue for their business to tap into the growing cryptocurrency market.”
In the first stage the service will be available to Wix merchants and customers in the US, UK, Brazil, Australia, Canada and Germany. Wix merchants can start accepting crypto payments today by just clicking BitPay in their dashboard settings and then creating an account with BitPay. No integration is required and the BitPay processing fee is only 1%.
About BitPay
Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
About Wix.com, Ltd
Wix is leading the way with a cloud-based website development platform for over 200 million registered users worldwide today. The Wix website builder was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, artists, and individuals to take their businesses, brands and workflow online. The Wix Editor, Wix ADI, Editor X, a curated App Market, Ascend by Wix and Velo by Wix enable users to build and manage a fully integrated and dynamic digital presence. Wix's headquarters are in Tel Aviv with offices in Austin, Be'er Sheva, Berlin, Cedar Rapids, Denver, Dnipro, Dublin, Kyiv, Kraków, Los Angeles, Miami, New York, Phoenix, San Francisco, São Paulo, Tokyo and Vilnius.
