Verifone’s in-store and cloud services will be able to accept cryptocurrency payments as a result of the partnership.
Verifone, a payment solution provider, has teamed up with BitPay to introduce digital currency into the mix. According to a press release, Verifone will begin to use BitPay’s blockchain technology to offer crypto payments on in-store and e-commerce cloud services in the United States.
According to Verifone, the feature will be available in the fourth quarter of 2021 and will accept payments in Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Wrapped Bitcoin, Litecoin, and five USD-pegged stablecoins.
Verifone embraces cryptocurrency
“The appetite for cryptocurrency payments has exploded this year among Verifone users,” says Jeremy Belostock, Head of Advanced Payment Methods at Verifone. He continues, “By partnering with BitPay, the company was able to solve the challenges its merchants may face when dealing with cryptocurrencies without sacrificing user convenience.”
According to Verifone, the joint solution will be “easy to implement for merchants and simple to use for consumers.” Verifone also states that merchants who want to accept cryptocurrency payments directly from Verifone do not need to have a BitPay account. Merchants and consumers will be able to conduct transactions using pre-approved crypto wallets. Blockchain.com, BRD, MetaMask, and BitPay are currently on the list of approved wallets. “Once BitPay has processed the payment, the funds will be deposited into the merchants’ bank accounts in fiat currency via Verifone.”
According to the press release, new users will find it simple to use cryptocurrency payments with Verifone. During checkout, after you’ve finished shopping as usual, a cryptocurrency wallet option will be added alongside the traditional credit card or fiat options. Customers can complete the transaction by scanning an on-screen QR code with their crypto-wallet app. Merchants receive approval messages similar to any credit card purchase after funds are received by BitPay. The funds will then be transferred as USD to the merchant’s bank account via Verifone.
BitPay Co-Founder and CEO Stephen Pair adds, “Verifone’s merchant base includes many of the world’s largest and most well-known brands looking to tap into the growing cryptocurrency market.” This collaboration enables these businesses to accept cryptocurrency payments easily and securely, as well as benefit from pent-up consumer demand to spend cryptocurrency.”