BitPay Introduces User Verification For Certain Types Of Crypto Payments
Cryptocurrency payment processing service BitPay has set new requirements for user verification when making certain transactions, writes Cointelegraph.
The new verification system is being introduced with the launch of an updated dashboard that will function as a personalized home page where the user can view transaction history and access various payment services..
After launching BitPay ID, the user will need to go through a one-time verification by providing information from an identity document and his photo. In particular, verification will be required to pay for goods worth more than $ 3,000, receive a refund for $ 1,000 or more, and send requests for payment of funds or issuance of prepaid products..
“This process will help us strengthen verification initiatives and reduce payment risks for merchants working with BitPay. In addition, it is necessary to provide advanced services to users in the future, such as withdrawing bitcoins, and to speed up the service for users who want to work with BitPay prepaid products, ”the company explains..
According to BitPay, the new terms of service came into effect on August 5.
Users, as expected, met the additional requirement to verify their identities without much enthusiasm..
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