Bitcoin payments to move mainstream as major retailers and SMBs alike can now accept crypto and get a settlement in traditional currency.
At checkout, shoppers will select their preferred crypto wallet on a Verifone device and scan an on-screen QR code using their crypto wallet to complete the transaction. Once the crypto funds have been obtained by BitPay, the service provider will obtain an approval message on the in-store terminal.
“Our merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto funds has exploded this year”
The release reads:
BitPay and Verifone Partner to Exclusively Allow Cryptocurrency Acceptance on Payment Terminals and In-App/eCommerce
BitPay, the world’s largest supplier of bitcoin and cryptocurrency payment services, and Verifone, a global FinTech leader and payment solution provider to the world’s largest retail brands, today announced the extension of BitPay’s blockchain payment technology to enable consumer cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Companies platforms in the US. The new solution permits retailers to broaden their customer base and promote crypto acceptance whereas being protected against the price volatility of the cryptocurrency markets. Merchants will begin rolling out the solution later this year.
The answer is easy for merchants to implement and intuitive for shoppers. Retailers will be capable to settle for crypto funds immediately from Verifone without the need for an account with BitPay. The buyer will be capable to pay seamlessly utilizing accepted crypto wallets. With over 100 million crypto wallets in use globally, shoppers will enjoy this easy, one-step transactional model using their preferred native wallet to make a direct buy with their cryptocurrency. The answer helps main wallets like Blockchain.com, BRD, Metamask, BitPay, and more to make purchases with Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD).
At checkout, consumers will choose their preferred crypto wallet on a Verifone device and scan an on-screen QR code using their crypto wallet to complete the transaction. As soon as the crypto funds have been obtained by BitPay, the service provider will obtain an approval message on the in-store terminal. Funds will be settled promptly into the merchant’s bank account in traditional currency (e.g. USD) via Verifone.
“Verifone’s service provider base consists of lots of the world’s largest and most well-known brands seeking to tap into the rising crypto market,” mentioned Stephen Pair, co-founder and CEO of BitPay. “This partnership permits these companies to simply and securely settle for crypto funds, and profit from pent-up consumer demand to spend crypto.”
Because the market cap for all cryptocurrencies is $2 trillion, holders of the currencies are looking for places to spend their crypto money. “Our merchant base is busy enabling a number of new advanced payment methods (APMs), and the urge for food for crypto funds has exploded this year,” mentioned Jeremy Belostock, head of APMs at Verifone. “Together we’ve solved all the potential challenges for retailers: There’s no volatility or fraud chargeback risk, low implementation prices, and shoppers will discover the cost expertise very seamless.”
The partnership additionally permits Verifone the suitable to make strategic funding in BitPay. “This partnership, solution and investment highlight Verifone’s dedication to enabling revolutionary and significant payment experiences for retailers,” mentioned Mike Pulli, Verifone CEO. “Our Advanced Payment Method platform is strong, and this crypto solution with BitPay provides super value for Verifone and our customers.”
Current Verifone merchants who wish to start taking cryptocurrency payments in-store and online ought to contact their Verifone sales representative. The solution requires one of Verifone’s Engage or Android units related to Verifone Cloud Services. New retailers, large or small, can fill out this contact type to purchase the solution.
About BitPay
Based in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the corporate’s mission is to transform how companies and people send, receive, and store money. Its enterprise options eradicate fraud chargebacks, scale back the price of cost processing, and allow borderless funds in cryptocurrency, amongst different providers. BitPay affords shoppers a whole digital asset administration resolution that features the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into {dollars} for spending at tens of thousands of businesses. The corporate has offices in North America, Europe, and South America and has raised more than $70 million in funding from main funding corporations together with Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more data visit bitpay.com.
About Verifone
Verifone is a FinTech leader providing valuable end-to-end cost and commerce solutions to the world’s best-known retail brands, major financial establishments, and directly to more than 600,000 retailers alike. The company’s world providers platform is constructed on a four-decade history of innovation and uncompromised security and handles 10.4B+ online and in-store transactions annually, totaling greater than $440B. Trusted and acknowledged by shoppers for its rising footprint of 35 million units in more than 150 countries, businesses choose Verifone for its global scale, local capabilities, omnichannel prowess and resolution flexibility. Learn more at Verifone.com.
Source: BusinessWire
