Bitcoin Startup Bitnet Partners With White Label Payments Solution PAY.ON

PAY.ON operates globally, with offices in Hong Kong, New York, and Salzburg, and has become a leader in the digital payments industry, since its founding in 2004. The integration marks one of the largest of its kind for Bitnet, whose strategy is to partner with payment processors and merchant networks rather than signing up individual businesses themselves.

"Our partnership with PAY.ON enables us to achieve scale by enabling bitcoin acceptance for over a hundred PSPs globally," said John McDonnell, CEO and Founder at Bitnet.

"PAY.ON is an innovative technology company that powers payments infrastructure at a global level, and we are excited to be working with their team to bring bitcoin acceptance to their PSP clients around the world."
— – John McDonnell, Bitnet CEO and Founder

PAY.ON has been particularly active in markets outside the United States and has focused on bringing payments to all corners of the world, adapting to local markets along the way. The firm operates in 156 countries, processes 193 currencies, and handles over $12 billion in transaction volume every year.

“PAY.ON’s payment infrastructure and services are globally oriented, but adapted to each country’s unique requirements. Integrating with PAY.ON provides access to more than 80 alternative payment methods and more than 250 acquirers worldwide.”
— – PAY.ON

PAY.ON’s white label solution offers payments for most devices and applications, as well offering low cost and fast payments. The firm claims that the integration time for its product is five minutes or less. Its platform is also described as reducing fraud by 80%, and is compliant with the highest level of the Payment Card Industry Data Security Standard. The partnership marks the firm’s first foray into bitcoin.

"PAY.ON and Bitnet have built robust, industry-leading payment processing technology based on the same fundamental principles," said Markus Rinderer, CEO and Founder at PAY.ON.

"Flexibility, scalability, and security are delivered through RESTful APIs, making bitcoin acceptance simple for our network of payment service providers and their merchants. Enabling cross-border e-commerce has always been a core part of PAY.ON’s offering, so we are delighted to be partnering with Bitnet to further strengthen the global payment options available through our platform."
— – Markus Rinderer, PAY.ON CEO and Founder

Bitnet was founded by a team of former employees from credit card network Visa and online credit card gateway CyberSource, who were interested in the lower costs and global nature of bitcoin’s payment network. The firm offers instant confirmation for bitcoin payments, and low fees for transactions.

Part of the reason PAY.ON decided to partner with Bitnet was because the bitcoin startup made their checkout process nearly identical to that with credit cards, making integration easy.

“This is in keeping with PAY.ON’s mission to remove the complexity from payments and streamline cross-border e-commerce,” read a PAY.ON press release. “Merchants additionally benefit from offering a digital payment method that expands their business to a new customer base, generating a new revenue stream without significant implementation costs.”

Bitnet has already partnered with several payment processors and large e-commerce websites, including US online payment provider Zooz, European merchant network Limonetik, and Japanese e-commerce giant Rakuten, who integrated bitcoin payments into its US marketplace and will soon follow suit with its German and Austrian websites as well.

“Rakuten’s mission is to empower the world through the Internet,” said Rakuten USA President Yaz Iida in a statement at the time.

“Not only can bitcoin support this vision by helping our merchants better compete globally, but it also has the potential to benefit society by enhancing the security, privacy, and convenience of financial transactions. This is one of the reasons why we invested in Bitnet last year and we look forward to working with them on our US marketplace.”
— – Yaz Iida, Rakuten USA President