Crypto payments to move mainstream as major retailers and SMBs alike can now accept crypto and get settlement in traditional currency
BitPay, the world’s largest provider of bitcoin and cryptocurrency payment services, and Verifone, a global FinTech leader and payment solution provider to the world’s largest retail brands, today announce the extension of BitPay’s blockchain payment technology to enable consumer cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms in the United States. The new solution enables merchants to broaden their customer base and promote crypto acceptance while being protected from the price volatility of the cryptocurrency markets. Merchants will begin rolling out the solution later this year.
“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.”
The solution is easy for merchants to implement and intuitive for consumers. Merchants will be able to accept crypto payments directly from Verifone without the need for an account with BitPay. The consumer will be able to pay seamlessly using approved crypto wallets. With over 100 million crypto wallets in use globally, consumers will enjoy this straightforward, one-step transactional model using their preferred native wallet to make a direct purchase with their cryptocurrency. The solution supports major 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).
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At checkout, consumers 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 received by BitPay, the merchant will receive 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 merchant base includes many of the world’s largest and most well-known brands looking to tap into the growing crypto market,” said Stephen Pair, co-founder and CEO of BitPay. “This partnership allows these businesses to easily and securely accept crypto payments, and benefit from pent up consumer demand to spend crypto.”
As 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 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.”
The partnership also allows Verifone the right to make a strategic investment in BitPay. “This partnership, solution and investment highlight Verifone’s commitment to enabling revolutionary and meaningful payment experiences for merchants,” said Mike Pulli, Verifone CEO. “Our Advanced Payment Method platform is robust, and this crypto solution with BitPay adds tremendous value for Verifone and our customers.”
Current Verifone merchants who want to begin taking cryptocurrency payments in-store and online should contact their Verifone sales representative. The solution requires one of Verifone’s Engage or Android devices connected to Verifone Cloud Services.
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