TOP-10 Cryptocurrency Payment Systems

March 4, 2019

Over the previous several years the pace of technology development has increased dramatically. The more advanced technology is invented, the more power we have to influence positively on our lifestyle and environment. The blockchain technology has become an example of such an innovative development that has the possibility to influence each area in the nearest future. If there are digital money embodied in cryptocurrencies, and people who want to sell their products or services for cryptocurrencies, there surely must be payment systems applicable to this area of financial relationship. Let’s overview the most popular payments systems accepting cryptocurrencies.


BitPay

BitPay is a payment system accepting Bitcoin and Bitcoin Cash without price fluctuations. The payment system offers its services both to businesses and retail customers. One of the key advantages of BitPay is that traditional payment systems working with credit or debit cards charge up to 3% in processing fees on every transaction, and BitPay takes just 1% settlement charge. The customers’ funds are deposited directly to their bank account. BitPay operates in 38 countries worldwide, invoicing is supported in 40 languages, and besides cryptocurrencies it accepts a range of fiat currencies such as US dollar and euro and six other national currencies. BitPay is focused on businesses and merchants to enable them to get secure payments in bitcoin for their products, but at the same time elaborates its services for retail customers. An example of this is the BitPay wallet which lets a customer manage and spend their Bitcoins or exchange them securely for fiat due to two-factor authentication. BitPay is optimized for usage on both desktop computers and mobile devices. With the usage of prepaid Visa® card a customer can get cash instantly at Visa® compatible ATMs.


Coinbase

Coinbase is not only the largest cryptocurrency exchange based in the US. It’s also an online payment system accepting cryptocurrencies. The Coinbase payment system is quite similar to PayPal, with the main difference of accepting cryprocurrencies. The main advantage of Coinbase is that it does not charge fees to accept cryptocurrency. The payment system does not hold its customers cryptocurrency, it just hosts a platform, but the ownership is maintained and controlled completely by a customer. Coinbase gives their clients the opportunity to securely receive payments from anyone and anywhere in the world. Coinbase Commerce can process online payments in a variety of cryptocurrencies, such as Bitcoin, Ethereum, LiteCoin and Bitcoin Cash. With over two thousand merchants accepting cryptocurrency in payment for their services and goods Coinbase makes this segment of online trading easy, comfortable and secure. Merchants using the Coinbase platform on their e-commerce websites just need to add a PayPal-like button to the checkout screen.


Coingate

Coingate currently provides its services to more than four thousand merchants and vendors allowing them to get payments in bitcoin and altcoins with the possibility to convert altcoins to bitcoin, US dollar and euro afterwards. With the help of Lightning Network customers are able to make transactions and get payments almost instantaneously. Coingate allows not only accept payments in bitcoin and altcoin, but also buy a range of cryptocurrencies, thus acting both as payment system and cryptocurrency exchange. Lightning Network technology allows to reduce not only transaction speed, but transaction commission also, notably significantly. The main idea of Lightning Network is making bitcoin a currency suitable for daily transactions in online shops. Vendors can settle prices for their products or services in any local currency they want, and the payment system calculates real-time how much BTC it is worth by choosing the best prices from several major cryptocurrency exchanges. The payment system takes 1% of the transaction as the commission. Cryptocurrency payments for retail businesses can be managed with mobile devices on Android or IOS or with any device having a web browser.


Blockchain.info

Blockchain.info is one of the oldest payment systems accepting bitcoin. The service allows a retail customer to create a bitcoin wallet to make payments and transactions with. The system is quite user-friendly, optimized for mobile devices and available in multiple languages. Blockchain.info offers several kinds of security settings and allows a customer to determine the commission fee for transactions. One of the payment system’s useful features is the possibility of creating e-wallet’s back-up in popular clod services. Blockchain.info currently hosts more than 33 million electronic wallets, its volume trade amounts up to 200 billion dollars with one of the lowest commissions in the cryptocurrency industry. Two-factor authentication, available via SMS, Yubikey or Google Authenticator makes the service quite a secure storage for customers crypto assets. Thus Blockchain.info is not only a payment system accepting bitcoin but also a solution for secure investing and storage of digital financial assets. All of these factors make Blockchain.info electronic wallet one of the most popular worldwide.


SpectroCoin

SpectroCoin payment platform was launched in 2013. The system combines the functions of a cryptocurrency wallet and cryptoexchange. SpectroCoin allows retail customers to work online with virtual financial assets and bank cards. Over the years, the system has been improved and now not only bitcoin payment is implemented, but also operations with other altcoins. Being a universal financial solution, SpectroCoin is deprived of the common inconvenience of other similar systems associated with the constant transition between cryptocurrency wallets and cryptoexchanges. Verification with SpectroCoin requires a scan copy of an identity document, preferably passport. Wallet balance replenishment is available in three currencies: euro, dollar, gold. The platform offers the option of withdrawing money in cryptocurrency or fiat. The site has a calculator that will help you convert the cryptocurrency to another, or to fiat currencies. Wallet owners can get a debit card if they wish. Having a card makes it easy to withdraw funds by cash out and is a good way to shop. A fee is charged for making the card. Spectrocoin is not only a bitcoin wallet. The ability to work around the world with the currency conversion function is one of the advantages of the system. System developers are closely watching the desires of users, and therefore have created a simple and understandable application for mobile devices, with the same functions as on the Spectrocoin web page.



Coinpayments

Coinpayments is an online cryptocurrency wallet and an online payment system accepting cryptocurrencies.  Coinpayments became available to users in 2013. It allows customers to make transactions, store many different cryptocurrencies, and also carry out transfers of digital coins. Coinpayments.net multifunctional service is a universal solution combining the basic functions of a payment platform and a wallet for virtual currency. This cryptocell has additional security measures - two-factor authorization and instant notification of any actions in the account (top-up balance, conversion, withdrawal of funds). Coinpayments is intended mainly for the “hot” storage of cryptocurrency, although a customer can accumulate on the account and use fiat currency - dollars or euros. The most significant advantages of the wallet are multicurrency support for more than 750 kinds of digital coins. The main are considered bitcoin, ripple and litecoin. Of course, other altcoins are represented - bitcoin cash, dash, comodo, ethereum, dogecoin, NEO, ethereum classic, etc. In the Coinpayments online wallet, a customer can use two virtual money modes: storage only or payment of services, conversion and accumulation. The unique function "Safe" allows to block a certain amount for different time periods. It also provides the ability to store coins under special protection conditions. Especially for the Internet retail businesses is offered a digital POS-terminal accepting online payments in different currencies and developed several plug-ins for web stores. Designed for iOS and Android devices, Coinpayments service interface is available in 13 languages. Possibilities of working with fiat make the platform a convenient solution for payments. European and American customers can make transactions directly to bank accounts. To save time, users are allowed to configure instant conversion in specified areas according to the specified parameters. An integrated service that allows a customer to configure and run the ICO procedure directly from a cryptocurrency wallet. For a fixed fee, users can add to the wallet the necessary coins that were not used in the system before. A similar principle applies to some cryptocurrency exchanges.


Cryptopay

The Cryptopay payment system is a variety of cryptocurrency wallet that offers the user wide functionality and the possibility to handly both cryptocurrency and traditional currencies. User-friendly interface and a complete set of options is making it comfortable for usage in daily life and for performing transactions in a cryptocurrency market. The Cryptopay payment system is a platfotm that gives customers the ability to operate their financial assets, both fiat and crypto, on the most favorable conditions. Cryptopay is one of the oldest cryptoservices in Europe. He appeared in 2013 and started with processing services. Cryptopay Flex accounts provide the ability to buy, sell and store Bitcoin tokens in enhanced security and privacy. In addition, the wallet supports the work with standard currency in euros, pounds sterling and US dollars. The debit card provided by the Cryptopay paymenr system is a full-featured bank card that can be applied for quick replenishment by transferring funds from the Cryptopay bitcoin account and converting them into fiat currencies, such as euros or US dollars. She can pay the user wherever they accept standard cards for cashless payments. Such Cryptopay advantages need to be highlighted: the ease and user-friendliness of usage of the system - even working with a blockchain becomes an easy task, the possibility to work with cryptocurrency in a comfortable way, the ability to cash out and transfer crypto assets in the desired equivalent, the ability to work not only with cryptocurrency, but also with the fiat money in the equivalent. Of the minuses of Cryptopay, it is worth mentioning the necessity to pay for the issue and delivery of a card, together with the monthly payments.  Cryptopay also develops in the banking sector and provides customers with various services, like keeping current accounts. There are two kinds of cards to choose from: real plastic card and virtual one. The first one is perfect for in-store payments and cash withdrawals, the virtual card is better to use when paying online.


CoinsBank

CoinsBank is a platform that offers cryptocurrency exchange services. Initially, the service was conceived and presented on the market as a project to issue prepaid cards for cryptocurrency users. CoinsBank is a service that combines a payment system that supports Bitcoin and a lot of other altcoins, as well as a platform for the exchange of cryptocurrencies. The trading terminal has a simple and intuitive interface, provides management of transactions and monitoring of changes in quotations on the market in real time. The resource works in English. A distinctive feature of the CoinsBank service is the issuance of a debit card connected to the wallet within the system. The user can use this card to make purchases both in cryptocurrency and fiat money, thanks to the possibility of converting into dollars, euros or any other means. CoinsBank is attractive for vendors for giving them the ability of accepting payments in bitcoin, thus offering customers fast, secure and cheap payment option. Connect to the world’s first borderless payment network - Bitcoin. Receive payment in any amount, from anywhere in the world, from any computer or mobile device. Fast and user-friendly set-up allows a merchant to start accepting cryptocurrencies and serve clients worldwide without any barriers.


Aliant Payment Systems

Aliant Payment Systems, which is the partner of NetCents Technology, offers its services since 2014, it started accepting Bitcoin and Ethereum from 2017, when Aliant entered a strategic processing partnership with BitPay, a major Bitcoin payments provider based in the US. And in 2018 the system added Litecoin to the list of accepted cryptocurrencies. Aliant offers a special payment terminal for merchants called the Poynt terminal. The device has a friendly design and is easy and comfortable to use. The payment system gives merchants the opportunity of expansion the scope of cryptocurrency, to make this method of payment more popular, thus maximizing their revenue expectations by providing their clients with the payment options they prefer. Aliant was one of the world’s major payment processors which started allowing merchants to accept cryptocurrency payments. The payment system’s core advantages are the absence of cancellation fees and set-up fees, custom integration to electronic commerce websites, virtual terminal and dynamic cryptocurrency conversion features. Aliant offers its customers the acceptance of payments in cryptocurrencies receiving funds directly to their bank accounts. Aliant Payment Systems digital assets payments processing platform provides bank deposits in almost forty countries, settled in most major fiat currencies.


GoUrl.io

GoUrl.io is a cryptocurrency payment gateway which started operations in March 2017, and in April 2017 it already had 18000 registered companies and vendors. It’s a free open source project offering to get payments straight to your bitcoin/altcoin wallets without the necessity of a bank account. In fact, GoUrl.io provides far beyond than basic payment functions. Behind the code a merchant sets up on their website there is a “payment gateway” that supports the backend for receiving cryptocurrency payments and sending them to the webstore’s wallet address. Payment transfer to the purse of the store is carried out every 30 minutes. GoUrl accepts Dash, Bitcoin, Bitcoin Cash, Litecoin and a range of other altcoins, but Ethereum and XRP are not accepted. Commission fee for Dash payments is 1.5%. One of the project features is GoUrl Monetiser Online, which allows to receive fat cryptocurrency payments for a range of online services offered by a vendor directly to their e-wallet. GoUrl.io allows the usage of QR-codes for payment processing making it even easier and faster. The GoUrl backend sends a customer an email for each payment received, each entrance to the database, and when payment arrives at the store's wallet.

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