GoMining is challenging Square's bitcoin payments system with its own solution, GoBTC Pay. The new protocol enables merchants to accept BTC for everyday purchases and settles transactions directly on the Bitcoin network.
The entire transaction is completed in bitcoin, unlike competitors like Square that allow customers to pay in bitcoin while delivering fiat currency to the retailer. Merchants who want fiat will need to handle the conversion themselves.
GoMining's software development kit (SDK) and application programming interfaces (API) for GoBTC Pay enable retailers to access its system. The company plans to recruit an initial 10 merchants as part of the rollout.