- The new ID verification process is going to be integrated into the BitPay platform dashboard.
- The new system to serve as a personalized home page.
The leading cryptocurrency payments platform announced the introduction of new ID verification for various processes including payments, refunds as well as payouts exceeding $1,000. The announced released on August 1 said that new procedures are unlikely to affect individuals making person-to-person transactions using both BitPay and Copay apps.
The new ID verification process is going to be integrated into the BitPay platform dashboard. The system will serve as a personalized home page giving users the ability to check transaction histories in addition to accessing other features of the platform.
“We are introducing a new identity verification flow for purchasers requesting refunds of $1,000 or more*1, for people receiving BitPay payouts, or for purchasers paying $3,000*1 or more to BitPay merchants (or loading via a BitPay prepaid product). If you’re requesting a refund of $1,000+, receiving a payout from a business using BitPay’s payouts API, or making a $3,000+ payment, you will notice one of these screens asking you to verify some details about your identity and location.”
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