BitPay has introduced the newest version of its BitPay API, a representational state transfer (RESTful) service that will allow the customers of all API-using developers the ability to initiate refunds directly from those applications.
The updated API follows a string of recent releases for developers from a number of key bitcoin companies, including Coinbase and CEX.io, which revealed new offerings for this community this past week.
For BitPay, however, the emphasis of the release was on the convenience the update will provide for the customers of API users, who will now be able to interact with merchants in a manner more familiar to the users of other payment methods.
BitPay’s Eric Martindale wrote in the official announcement:
“We hope [this] will lead to more smooth Bitcoin payment experiences for everyone, regardless of platform or wallet.”
Outside of this update, Martindale said that BitPay’s primary goal was to better ensure the security of transactions on its platform, and to increase the number of resources available in its API without adding complexity.
For merchants, the company also updated its Billing API so companies that accept bitcoin can automate the submission of bills, allowing them to request future payments.
The API integrates BitPay’s earlier offerings with BitAuth, the company’s decentralized authentication tool. Further, as it uses the Bitcoin Payment Protocol, BitPay refunds will work with any bitcoin address or wallet service.
Move toward tokenization
Yet, another emphasis point for the company was that this latest version of its API cryptographically secures interactions with BitPay through tokenization.
Martindale indicated that all requests made to its API will now need to be signed with BitAuth keypairs. These signatures, he explained, are then matched against other parameters to verify that the security of the payment.
Expanding on the possibilities of this latest addition, Martindale wrote:
“Tokens can be restricted to an identity, requiring a signature by that identity to utilize, or even a list of identities – perhaps a group of devices (such as point of sale tablets) or a list of people and their keys.”
Notably, the movement by BitPay toward tokenization follows Apple’s use of similar security methods for Apple Pay, its new payment product introduced last week.
Open-source API
Overall, BitPay framed the release as one that also opens up the abilities of developers to interface with its API in new and more creative ways.
As such, the post concluded with the company directing users to contributions developers have made to Bitcore, the company’s open-source Javascript library unveiled in February.
BitPay ended this post by further stressing this call to action, adding:
“We look forward to seeing what you build.”
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.
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