Cryptocurrency payment processor BitPay has announced the introduction of new identity verification measures. It will apply for certain high-value payments, refunds, and payouts.
The ID verification flow is part of a new BitPay Dashboard. It will function as a personalized home page that provides access to users’ transaction histories and various payment features. With the launch of BitPay ID, users have to undergo a one-time verification process. Thus, it will require the input of data including the social security or passport number, and a photo ID. Also, the US-based company assured that the measures will not be applicable for person-to-person payments using the BitPay and Copay apps. This requirement is only applicable where users attempt to make a high-value payment. This thus means any transaction above USD 3,000 or more to the company’s merchant, to request a refund of USD 1,000 or more, to receive payouts or to get a prepaid product will have to undergo this process.
The new process will help improve the company’s ID verification efforts. Also, it will greatly reduce the payment risk associated with the company’s merchants. Moreover, the company wants to offer future services to its verified users. As per the source, this new move has met with a certain skepticism. Many of the users have openly criticized this move by tweeting their dissatisfaction.