Bitpay Introduces Identity Verification Process for High-value Payment of $3K And Above

Bitpay, a Cryptocurrency payment processor, is introducing a new identity verification process for certain high-value payments, payouts, and refunds. The new process does not make any difference to the individual to individual payments utilizing the BitPay and Copay applications. Cryptocurrency users can see their information stored in centralized troves. 

Moreover, BitPay is not only a virtual wallet, but it is an entire platform for moving Bitcoin in some other fiat monetary standards. The organization was established in 2011 in Atlanta, Georgia. Currently, the platform has a central position in processing the payments with Bitcoin and customer base more than 20000 organizations in 164 nations. 

BitPay recently announced that it is introducing the new Identification process as a significant part of BitPay Dashboard, which will work as a customized home page that gives access to client’s payment features and transaction histories.

On 1st of August, Bitpay introduced BitPay Dashboards, BitPay ID, and Verification. The BitPay Dashboard gives clients access to transaction history and a customized home page for their blockchain payments and future BitPay payment features. 

The BitPay Dashboard is attached to another login and Identification technique called BitPay ID, a single login approach to access the BitPay Dashboard and BitPay business accounts. Moreover, with the introduction of BitPay ID, clients will be required to undergo a one-time confirmation process that requires their Social security or passport number, along with Photo ID. 

Furthermore, this requirement is needed in situations where clients attempt to make a high-value payment of 3,000 dollars or more to a BitPay trader, to demand a refund of 1,000 dollars or more, to get BitPay payouts or to get a BitPay prepaid item. Besides, BitPay furnishes clients with a link on its privacy policy; however, the new measures have been met with certain doubts.