Changes to Coinjar payment options: Hello BPay, Goodbye NAB

Coinjar has sent out an email today that announces a change in how they accept payments. The big news is that BPay is now being brought online, but don’t miss the forest for the trees on this news. They are also doing away with cash and direct deposits.

Aussie bitcoiners are probably familiar with coinjar.io as a way to buy and sell btc. If you’ve used there service before you’d know that they have previously accept payment over the counter in NAB branches and via direct deposit on accounts with accepted validation.

I’ve previously processed payments into their “filler”, which is then used to buy the bitcoins, via cash deposits and had only recently started to use the direct deposit option. While both were quite simple, it was miles easier to use the direct deposit. Just the usual problem of trying to get to a bank during business hours. BPay matches the convenience of direct deposit, using mobile or internet banking from anywhere.

The acceptance of BPay is no trouble to those of us happy to entrust coinjar with our identification, however some people have preferred to not verify ID and operate anonymously via cash deposits. It is bad news for those folks, because the BPay switch will require verification. To their credit, coinjar are working hard to fast track the ID process for those who need it, but those who don’t want it are out on their ears.

While the changes announced today will probably upset some people who were quite happy with the current system, the introduction of a new method of payment is pretty exciting and still fast, simple and secure.

Existing users are being urged to clear the coinjar deposit account info from their bank references because any funds accidentally sent will be irretrievable, to prepare for the change over that will take place 4PM (Melbourne) on Saturday 10th May.

While the email makes no mention of the reason for this significant change, it’s not too hard to put two and two together on the recent announcement by the National Australia Bank.

But take heart, crypto fans. While the NAB might not be interested in having your bitcoin business, coinjar and services like local bitcoins continue to trade in btc. Whether the big banks like it or not, the beat goes on for bitcoin.

Read the email for yourself and tell me what you think:

 

Hi CryptoMum,

As someone who has recently used Filler to deposit Australian dollars to CoinJar, we wanted to make sure you’re aware of an upcoming change and some steps you may need to take to prepare for the switch over.

Commencing this Saturday, 10 May we’ll be switching to BPAY for all Filler deposits. Using your BPAY Customer Reference Number and CoinJar’s Biller Code, you’ll be able to recharge your Filler in a few simple clicks from any mobile or internet banking app.

You may need to take a few steps to prepare for the switch over:

  • Verify your identity to use BPAY and Filler.  If you haven’t submitted your ID verification, you won’t be able to use Filler at all. We’ll be fast-tracking ID requests so please submit a support ticket if you experience any delay in your ID verification.
  • Delete saved references to CoinJar bank account details.  The bank accounts you use today with Filler will soon close. We encourage you to delete saved references to prevent accidental deposits to these accounts in the future. We won’t be able to assist you in retrieving deposits sent to these accounts once they’re closed.
  • Try out BPAY and plan your deposits.  CoinJar will no longer support over-the-counter cash deposits from 4:00 PM (Melbourne time) on Saturday, 10 May. We understand that, for those of you who have relied on cash deposits, this will present a challenge. We encourage you to try BPAY and contact our Customer Support team should you need help.

For all the details, and a Q&A forum, please take a look at our recent blog post, The Future of Filler.

CoinJar Customer Support Team,
Andrew, Adrian, Anne and Chris

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