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PayFast Cuts Ties With Bitcoin

Sofia Cabrera

Summary: PayFast, a South African secure online payment gateway, has decided to end its support for Bitcoin. They released an official statement on their website today July 12, 2019, where it was confirmed that they will no longer support Bitcoin as of July 20, 2019. PayFast claims that Bitcoin no longer works for the company nor ...

PayFast, a South African secure online payment gateway, has decided to end its support for Bitcoin. They released an official statement on their website today July 12, 2019, where it was confirmed that they will no longer support Bitcoin as of July 20, 2019. PayFast claims that Bitcoin no longer works for the company nor its customer due to various limitations and design flaws. An excerpt from the website follows: 

 

“Unfortunately there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers. We’ve tried various ways to mitigate these problems, but unfortunately, these issues are fundamental. The resultant poor user experience has led us to re-evaluate Bitcoin as a payment method on our platform and a decision has been taken to discontinue support for Bitcoin from midnight 20 July 2019.”

Author: Sofia Cabrera

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