Australia-based bitcoin wallet and exchange service CoinJar is gearing up to switch to electronic bill payment system BPAY as the sole means of topping up its 'Filler' balances with fiat currency.
In a recent blog post, the company outlined some issues with traditional payment methods and pointed out that bank transfer-related issues account for over 25% of help requests from its customers. Therefore the company started exploring alternative payments options and decided BPAY was the best solution.
The switch is scheduled for 4.00pm Melbourne time (BST +9) and a brief maintenance window is scheduled for the same morning. Service disruptions should be minimal, CoinJar said, however users need to prepare for the transition.
Any user who do not wish to reveal or verify their identity will still be able to use CoinJar to send and receive bitcoins.
The company further points out that, from Saturday, it will be a BPAY-exclusive system, and users will no longer be able to make over-the-counter cash deposits or transfer funds to CoinJar's previous National Australia Bank (NAB) accounts.
The system for withdrawing funds remains unchanged, CoinJar said.
Using unique BPAY IDs
Once the switch takes place, each CoinJar user will be assigned a unique BPAY reference ID that will be created when the user attempts to create a new Filler deposit after the switchover.
Once they receive the new ID, users will be able to use it to through online banking services simply by choosing the ‘Pay with BPAY’ option.
The company gives the following simple step-by-step guide to the process:
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