CoinJar cuts bank transfers short, adopts BPAY e-invoices

Thursday 15 May 2014 13:48 CET | News

Australia-based Bitcoin wallet and exchange service, CoinJar, has adopted electronic bill payment system BPAY for its ‘Filler’ balances with fiat currency, rather than continuing with traditional payment methods due to issues related to the process itself, reports.

In a recent blog post, cited by the same source, Coinjar argues that the issues concerning the bank transfers have been related to over 25% of help requests from its customers.

Moreover, Coinjar explains that via “BPAY Customer Reference Number” and “Biller Code”, customers are able to recharge the personal Filler from any mobile or internet banking app. Should the customer banking provider support it, customers will be able to schedule regular deposits to recharge their respective Filler, the source reports.

In order to make BPAY deposits, users need to have verified their identity. The process will be fast-tracked by the company’s support team. Any user who does not wish to reveal or verify their identity will still be able to use CoinJar to send and receive Bitcoins. Moreover, customers are no longer able to make over-the-counter cash deposits or transfer funds to CoinJar’s previous National Australia Bank (NAB) accounts.

Each CoinJar user is assigned a unique BPAY reference ID that is created when the user attempts to create a new Filler deposit. As soon as the new ID is received, users are able to use it through online banking services by choosing the ‘Pay with BPAY’ option.

The company encourages users to get acquainted with BPAY ahead of time and get in touch with CoinJar customer support in case they require any additional information.

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Keywords: Coinjar, BPAY, bank transfer, e-invoices
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce