Bitcoin payment processor and e-wallet provider Snapcard has announced the launch of its MassPay platform today. This new platform and API will allow businesses to send cross-border payments of all sizes to their users en masse with nothing more than an email address, phone number, or Bitcoin address on file.
MassPay also allows businesses to make these mass payments without having to worry about the volatility risk associated with bitcoin, and the platform could be seen as highly advantageous for a variety of online industries.
How it works
Snapcard has provided Bitcoin Magazine with an internal company brief on how the MassPay system works:
- A merchant or business decides it wants to integrate with the MassPay API, and Snapcard credits its account with the company’s local currency.
- When a user or contractor triggers a payout via the API, the MassPay system is activated and sends a fiat-denominated amount of bitcoin to the recipient via an email, phone number or Bitcoin address.
- The user or contractor is then notified that a payment has been received and will have the option to keep the bitcoin or withdraw it to his or her local currency for a 0.25 percent fee. The withdrawal