Verifone, an American fintech company, will offer cryptocurrency payment options to clients via a partnership with BitPay, a bitcoin payment service provider. It will be available in the second half of this year, as it was initially only available in the United States.
The New Crypto Opportunity
A recent press release stated that customers would be able to use cryptocurrency settlements through Verifone’s eCommerce Cloud Services platforms in the USA.
Merchants would be able to expand their customer base and encourage digital asset acceptance through the offering. BitPay users don’t have to open an account as crypto payments will be made directly from Verifone.
The initial service will feature six of the most valuable cryptocurrencies in terms of market capitalization, along with five USD-pegged stablecoins. These are Bitcoin (BTC), Ethereum(ETH), Bitcoin Cash/BCH), Wrapped Bitcoin/WBTC), Litecoin/LTC, Dogecoin/DOGE), Gemini Dollar (GUSD), USD Coin/USDC), USD Partners LP/USDP), Dai/DAI and Binance USD/BUSD.
To use the new offer, consumers will need to choose their preferred cryptocurrency wallet, such as BitPay or BlockchainCom, BRD or Metamask, and scan a QR code on their Verifone device during checkout. After that, Verifone will transfer funds to the merchant’s bank account in fiat currencies.
Stephen Pair, Co-Founder and CEO at BitPay, stated that Verifone’s merchant network includes well-known brands who are interested in the cryptocurrency trend.
Jeremy Belostock, Head of APMs at Verifone, also noted that the “aspiration for crypto payments is exploding this year” and added:
“Together, we have solved all potential problems for merchants: There is no volatility or fraud risk, low implementation cost, and consumers will find their payment experience very seamless.”
BitPay’s Past Partnerships
Apple Pay, the tech giant that Apple is known for, allows users to spend bitcoins. Apple clarified that the option was available through BitPay cards, which can be added into Apple Wallet.
CryptoPotato reported that Magnum Real Estate Group, one of America’s top property management companies, allowed buyers to use bitcoin to purchase three ground-level shops valued at $29 million. BitPay would then process future cryptocurrency transactions.
SHOP.com, an e-commerce portal, also provided a recent example. BitPay, a partner of SHOP.com, allows customers to make purchases using bitcoin and other altcoins.
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