Consumer cryptocurrency payments will now be supported on Verifone’s in-store and eCommerce Cloud Services platforms in the United States, thanks to a new partnership between BitPay, the world’s largest bitcoin and cryptocurrency payment service provider, and Verifone, a global FinTech leader and payment solution provider to the world’s largest retail brands.
It’s a novel solution that protects businesses from the volatility of cryptocurrency markets while allowing them to expand their client base and encourage crypto adoption. The remedy will be implemented by merchants later this year.
As one of the first bitcoin businesses to be established, BitPay will be celebrating its 10th anniversary this year. One of the company’s goals is to change the way companies and individuals transfer money to one another, receive it, and store it.
Payment processing costs are reduced, fraud is eliminated, and borderless cryptocurrency payments are made possible thanks to its business solutions. Customers may use BitPay’s wallet and prepaid card to convert digital assets into cash that can be spent at tens of thousands of merchants. BitPay provides a comprehensive digital asset management solution for customers.
North American, European, and South American branches of the business have received more than $70 million in financing from prominent investment companies such as Founders Fund, Index Ventures, Virgin Group and Aquiline Growth Technology. As a FinTech pioneer, Verifone offers essential payment and commerce solutions from end to end to the world’s best-known retail brands and financial institutions, as well as directly to over 600,000 small and midsized business owners.
Customers will find it simple to use and businesses will have no trouble implementing it since it is simple to understand. Instead of using BitPay, merchants would be able to accept crypto payments directly through Verifone. Customers will be able to pay using authorized crypto wallets without any hassle. With over 100 million crypto wallets in use worldwide, customers will benefit from this simple, one-step transactional approach by making a direct purchase with their cryptocurrency using their chosen native wallet.
Using this solution, you may make purchases with a wide range of cryptocurrencies, including Bitcoin, Ether, Dogecoin, Bitcoin Cash, Litecoin, and 5 USD-pegged stablecoins, using wallets like Blockchain.com, BRD, Metamask, and BitPay, among others (GUSD, USDC, USDP, DAI, and BUSD).
Customers will use a Verifone device to choose their chosen crypto wallet at checkout and then scan a QR code on the screen with their wallet to complete the transaction. BitPay will notify the retailer through the in-store terminal when the crypto monies have been received. In conventional currency (e.g., USD), funds will be sent to the merchant’s bank account as soon as they are received through Verifone.
Stephen Pair, co-founder and CEO of BitPay, stated, “Verifone’s merchant base comprises many of the world’s biggest and most well-known companies seeking to get into the burgeoning crypto industry.” Businesses may profit from pent-up demand for cryptocurrency by spending it via this collaboration, which makes accepting crypto payments simple and safe.
Cryptocurrency owners want to spend their digital currency since the total market value is $2 trillion. Jeremy Belostock, Verifone’s head of APMs, stated, “Our merchant base is busy enabling many new advanced payment methods (APMs) and the demand for crypto payments has skyrocketed this year.”
Customers may expect a smooth payment experience since there is no volatility or fraud chargeback risk, and the installation expenses are minimal. Verifone will be able to make a strategic investment in BitPay as a result of the collaboration. Verifone CEO Mike Pulli said, “This collaboration, solution, and investment demonstrate Verifone’s commitment to providing innovative and impactful payment experiences for businesses.”
Because of the robustness of our Advanced Payment Method platform, BitPay’s crypto solution provides enormous value for Verifone and our clients alike. To begin accepting bitcoin payments in-store and online, current Verifone businesses must contact their Verifone sales agent. A Verifone Engage or Android smartphone linked to Verifone Cloud Services is required for the solution.
