Bitget Wallet, described as a leading Web3 non-custodial wallet, has also announced that they will be integrating with the universal crypto payment gateway Paydify. With this integration, Bitget Wallet becomes the first wallet integration partner with Paydify. The partnership aims to facilitate merchants receiving Bitget Wallet stablecoin payments.
Payment Without Hurdles
The integration enables USDT and USDC payment options for Paydify’s users. Payments can be performed at select online and offline merchants who are partnered with Paydify.
Why Merchants Benefit
The system is designed to offer convenience for merchants. Merchant users of the system will receive instant settlement in stablecoins, which simplifies pre-funding the merchant accounts. Managing the elaborate, blockchain-specific technical systems that come with cryptocurrency acceptance is often complicated and problematic.
Pilot Phase Results
During the pilot phase of this project, reports say thousands of transactions have been carried out successfully. This suggests that the system is operational and capable of functioning in real-life instances.
Global Expansion
Plans indicate that the service will be expanded and implemented across multiple industries like retail, travel, hospitality, gaming, and e-commerce. Its vision also includes wider token support in the future and integration with more wallets.
Addressing Fragmentation
As reported, Paydify was created as a solution to the outdated fragmentation problem in crypto payments. Such problems stem from a lack of interoperability between blockchains and cryptocurrency wallets. These problems create interoperability issues that significantly slow down merchants’ adoption of crypto payment solutions.
User Barrier
Based on data in the most recent Onchain Report, 31% of users globally reported that limited availability of merchants is a critical barrier to using crypto as a form of payment. Bridging this gap is precisely what Paydify aims to do.
PayFi Strategy
This partnership is part of Bitget Wallet’s wider “PayFi” strategy, which focuses on increasing the usefulness of cryptocurrency beyond mere holding or trading to actual spending and using in daily life.
COO’s Vision
Alvin Kan, the Bitget Wallet COO, shared comments regarding the initiative. About Bitget Wallet, he is quoted saying, “We are aiming to make crypto more usable for everyday needs as Paydify helps ease the complexity for merchants. This integration of an open payment layer pushes us nearer to this goal.” He also stated, “To my knowledge, Bitget Wallet is one of the first major wallets to enable stablecoin payment usage at the point of sale. Our goal is to expand these capabilities to more than 10,000 merchants worldwide within a few years.”
Strategy Director’s View
Pakning Luk, the Strategy Director at Paydify, shared her thoughts on the collaboration. She is also quoted saying, “Our collaboration with Bitget Wallet gives an opportunity to implement and improve a merchant-centric payment flow in actual operating conditions.” She continues on: “It is our belief that the digital currency needs to be as functional as the other established payment methods, and our purpose is to provide a trustworthy framework for digital asset payments in which users and businesses rely on.”
About Bitget Wallet
Based on the report, Bitget Wallet is a non-custodial crypto wallet that prioritizes simplicity, security, and easy access.
It caters to more than 60 million customers and provides a complete range of crypto services like swaps, market insights, staking, rewards, a DApp browser, and crypto payment services. It has more than 130 supported blockchains, 20,000 DApps, and 1 million tokens that allow multi-chain trading through hundreds of DEXs and cross-chain bridges. It has a user protection fund of more than $300 million.
About Paydify
Paydify is alleged to be a universally enabled gateway that facilitates crypto payments from any wallet across all blockchains. It is designed for both offline and online merchants, providing instant settlement and universal reach, which attempts to make crypto payments feasible for international commerce. Paydify aims to provide a solution to the dismembered blockchain ecosystem by ensuring digital payment and business integration everywhere.
