Recurring payments have not been explored much in the world of Bitcoin and digital currency, even though the concept could lead to major adoption down the line. Peanuts is a new tool that lets website owners generate recurring billing codes for Bitcoin payments while offering a fair bit of customization as well. Whether or not this tool will be implemented on a multitude of websites, remains to be seen, but at least, the option to do so is readily available.
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Whenever somebody signs up for a membership, they will have different payment cycle options to choose from. Either they pay for a period upfront, or they can opt for recurring billing, which will debit funds from their payment method at regular intervals. Especially for credit and debit cards, the latter seems to be a preferred option for consumers all over the world.
Peanuts is a tool that will let website owners create a payment button for recurring billing with Bitcoin. However, it is important to note this tool can be used for other purposes as well, ranging from payments to donations and even tips. This solution should – in theory – work with Liquid engine compatible with the version Shopify has released many moons ago.
By using a form on this website, anyone in the world can create their own button to accept Bitcoin payments. The code can be pasted into any website, and users who want to make a recurring payment will be able to download the button as a file. Said file can then be opened in iCalendar, which will automatically add a recurring event to the user’s calendar.
Based on the user’s iCalendar settings, they should receive a notification regarding the recurring payment that has to be made. This notification will contain a Bitcoin URI and open up the installed wallet application, pre-filled with the destination address, payment amount, and include a note if any.
All in all, this solution seems to provide a good foundation for the development of recurring Bitcoin payments in the future. While some people may not see this solution as a valuable addition to the Bitcoin ecosystem, it could provide plenty of use cases for the popular digital currency. No one is saying services like Netflix will implement it anytime soon, but at least they would have to keep the option in the back of their minds.
Source: JSFiddle
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