The pairing will allow Verifone’s in-store and cloud services to accept cryptocurrency payments.
Payment solution provider Verifone has partnered up with BitPay to bring digital currency into the mix. A press release announced that Verifone will begin to utilize BitPay’s blockchain technology in order to offer crypto payments on in-store and e-commerce cloud services in the United States.
According to Verifone, the feature will be introduced in Q4 of 2021 and will support payments from Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Wrapped Bitcoin, Litecoin, and five USD-pegged stablecoins.
Verifone embracing crypto
“The appetite for cryptocurrency payments has exploded this year among Verifone’s users,” says Head of Advanced Payment Methods at Verifone Jeremy Belostock. He goes on to say that “By partnering with BitPay, the company was able to solve the challenges its merchants might face when dealing with cryptocurrencies without sacrificing convenience for users.”
Verifone says that the joint solution will “be easy to implement for merchants and intuitive to use for consumers.” Verifone adds that any merchants who are interested in accepting cryptocurrency payments direct from Verifone are not required to have a BitPay account. Merchants and consumers will be able to use pre-approved crypto wallets to handle transactions. As of now, the list of approved wallets is Blockchain.com, BRD, MetaMask, and BitPay. “Once BitPay processes the payment, the funds will be settled into the merchants’ bank accounts in fiat currency via Verifone.”
According to the press release, the process for using cryptocurrency payments with Verifone will be easy to understand for new users. After shopping as normal, during checkout, a cryptocurrency wallet option will be added alongside the traditional credit card or fiat options. Consumers can scan an on-screen QR code via their crypto-wallet app that completes the transaction via digital currency. After the funds are received by BitPay, merchants get approval messages much like any credit card purchase. Funds will then be sent to the merchant’s bank account as USD via Verifone.
Stephen Pair, BitPay’s Co-Founder and CEO, adds that “Verifone’s merchant base includes many of the world’s largest and most well-known brands looking to tap into the growing crypto market. This partnership allows these businesses to easily and securely accept crypto payments, and benefit from pent up consumer demand to spend crypto.”
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