After months of preparation, we are excited to announce the release of our new peer-to-peer (P2P) payment solution called RedeeemPay that allows buyers to buy discount gift cards with Bitcoin faster, safer and easier, and engage in escrow with sellers with faster speed and more transparency.
Credits are non-refundable in-app currency calculated in USD that are required to buy all gift cards from sellers on Redeeem. Previously, buyers were asked to use third-party payment processors such as BitPay, CoinPayments, Shopify or PayPal to buy Credits. However, starting this week, users can now buy Credits through RedeeemPay if paying with Bitcoin and bypass the CoinPayments invoicing system entirely. To buy credits with 30+ other stablecoins and altcoins, CoinPayments will still be available although we will eventually handle these with RedeeemPay.
With RedeeemPay, customers get access to a faster and more integrated payment flow and the same consumer-grade Bitcoin wallet system. This helps avoid headaches of partially-paid CoinPayments invoices, waiting hours for network confirmations, and paying additional fees for third-party coin conversions.
Here's how to save up to 20% or more on discount gift cards at Amazon, eBay, Walmart, Best Buy, Whole Foods and many other popular retail brands and take advantage of the increased speed and simplicity of RedeeemPay.
1. Create a Redeeem Account
If you haven't already, create a free account on Signup and verify your phone number, confirm your email address, and pick a username and password. If you would like to use the free Redeeem Wallet, you will need to complete double authentication (2FA) on the Security page. Once you have your account set up, it's time to fund your account with Bitcoin or other cryptocurrency.
2. Send Bitcoin to RedeeemPay
Go to the Credits page and locate your RedeeemPay wallet address. This is the address where you can deposit Bitcoin and we will credit your account. You can buy between $5 and $5,000 at a time on RedeeemPay. Once you create a wallet address, it will be associated with your account forever.
The spot price for Bitcoin on RedeeemPay and CoinPayments are the same and include a small markup on the market price of bitcoin (3-5%) for mining fees and conversion costs. Use the calculator on the page to see actual conversion rates between bitcoin and dollars. We will issue credits to your account and send you an email after 1 network confirmation for RedeeemPay and 6+ confirmations for CoinPayments. So RedeeemPay is over 5X faster!
3. Spend Your Credits
Once you receive an email that your deposit has been received and your Credits have been deposited (usually 5-10 minutes), you can start buying gift cards from your favorite stores immediately. Claim gift cards from Amazon, Walmart, Home Depot, VISA and other retailers at 20% discount or more with no trading fees.
You can take advantage of our brand-specific price alerts, bulk upload and excel export for bulk traders. Finally, trade faster and higher volumes by leveraging our super-fast RedeeemBot for Telegram.
Here are a handful of other features we added this week: