The world’s largest bitcoin and cryptocurrency payment company, BitPay, and Verifone, a leading FinTech firm and its largest retail clients, announced today that Verifone’s cloud-based systems will be able to accept cryptocurrency payments in stores and online. Merchants can now expand their customer base and promote crypto acceptance while protecting themselves from the price volatility of the cryptocurrency markets through the new solution.
Merchants can easily implement the solution, and consumers can easily use it. Merchants will be able to accept crypto payments as the market capitalization for all cryptocurrencies is $2 trillion, holders of the currencies are looking for places to spend their crypto money.
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“Our merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto payments has exploded this year,” said Jeremy Belostock, head of APMs at Verifone. “Together we have solved all the potential challenges for merchants: There’s no volatility or fraud chargeback risk, low implementation costs, and consumers will find the payment experience very seamless.” Directly from Verifone without the need for a BitPay account.
Crypto wallets will be approved so that consumers can pay seamlessly. The global crypto wallet market is over 100 million strong, so consumers will enjoy this straightforward, one-step transaction model to make direct purchases with their cryptocurrency using their preferred native wallet.
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Using an on-screen QR code using their preferred crypto wallet, consumers will complete payments by selecting their preferred crypto wallet during checkout. When the crypto funds are received by BitPay, an approval message is displayed on the merchant’s in-store terminal. In traditional currency (e.g. USD), funds will be deposited quickly into the merchant’s bank account via Verifone.
In addition, Verifone is able to invest a strategic amount in BitPay through the partnership. “This partnership, solution and investment highlight Verifone’s commitment to enabling revolutionary and meaningful payment experiences for merchants,” said Verifone CEO Mike Pulli. “Our Advanced Payment Method platform is robust, and this crypto solution with BitPay adds tremendous value for Verifone and our customers.”
In order to begin accepting cryptocurrency payments online and in-store, Verifone merchants will need to contact their Verifone sales representatives. Connecting Verifone Cloud Services to Engage or Android devices is needed to use this solution.