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Bitfury To Add Lightning Payments To Paytomat Service

14:22 07/12/2018

A technology company Bitfury Group entered into a partnership with Paytomat, a processing system based on blockchain, to implement Lightning payments. Users of cryptocurrency wallets, as well as the vendor application by Paytomat, will conduct instant bitcoin payments via the Lightning Network, the Bitfury’s blog reports.

 

A new feature will appear on the Paytomat app dashboard. LightningPeach, a Bitfury’s subsidiary, is responsible for the network integration. According to its head, Pavel Prikhodko, instant bitcoin payments will be available for a low fee, which is suitable for everyday purchases.

Soon the processing company will be able to provide Lightning payments to more than 300 outlets around the world, Prikhodko added. Paytomat services are adopted by a wide range of clients, from restaurants to clinics.

 

Adding support for the Lightning Network to the international vendor can take instant bitcoin payments to a new level. Previously, these were made mainly with online merchants.

Lightning is an open source network above the bitcoin blockchain. It allows the transaction participants to avoid long waiting in the pool and significantly reduces the cost of a transfer, which solves the scaling problem.

 

Recently, the CoinMetrics experts have concluded that operations within the Bitcoin network are most profitable when transferring large amounts of money. Their attention was drawn by a $600 million transaction, which cost only $7 for the transfer. Traditional banks usually charge about 4% for operations with large sums.

 

Earlier, the blockchain consortium R3 launched its payment system with the XRP support.

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