Photo ID, Social Security Number
BitPay is rolling out its new ID verification flow as part of a new BitPay Dashboard, which will function as a personalized home page that provides access to users’ transaction histories and various payment features.
With the launch of BitPay ID, users will be required to undergo a one-time verification process that requires the input of data such as their Social Security or passport number, as well as a photo ID.
The requirement applies in cases where users attempt to make a high-value payment of $3,000 or more to a BitPay merchant, to request a refund of $1,000 or more, to receive BitPay payouts or to get a BitPay prepaid product. The announcement notes that:
“This process helps us improve our identity verification efforts and reduce payment risk for BitPay’s merchants. It’s also a requirement for us to be able to offer verified users future services like Bitcoin payouts, or faster onboarding for people who want to get BitPay prepaid products.”
Centralized data storage
The developer of open-source BTCPay Server — which was launched as an alternative to BitPay and memorably vowed to make the latter obsolete — tweeted that he was “shocked! SHOCKED!” at the new measures’ introduction, to which one commentator responded: