This week, Payza announced its new Bitcoin SendMoney API. The new API allows merchants to send Bitcoin payouts to recipients who don't necessarily have a Payza account. The API is similar to Payza's established SendMoney APITrack this API, which was created to send payments without the need to log in to a Payza account. The main difference is that the new API enables merchants to send Bitcoin directly to a Bitcoin address, no need for the payment to take place within the Payza member network.

To use the new API, merchants simply enter a Bitcoin address, and the amount in the desired currency. If Bitcoin is the currency elected, the applicable amount will automatically be sent to the selected address. If another currency is sent, Payza will calculate the exchange rate and send the amount in Bitcoin to the Bitcoin address. Transactions are treated as withdrawals and charged the standard Bitcoin processing fee.

Once you set up the Bitcoin SendMoney API, which will require an initial password creation, there is no longer the need login into a Payza account to send Bitcoin payment to a user inside or outside of the Payza network. The Payza API guide provides specific instructions on how to send payments.

The Bitcoin SendMoney API is extremely helpful in utilizing Bitcoin in its truest sense. Bitcoin was created to empower peer-to-peer transactions without the need for financial institutions as an intermediary. As the cryptocurrency industry has grown, the various wallets and exchanges sell their value proposition at the expense of introducing intermediaries. The Bitcoin SendMoney API gets away from intermediaries and enables direct exchange.