BitPay, an established provider of cryptocurrency payment services, and Verifone, an international Fintech platform and payment solution provider to major retail brands, have announced the extension of BitPay’s blockchain payment tech to enable consumer crypto payments on Verifone’s in-store and eCommerce Cloud Services platforms in the US.
The solution enables merchants to broaden their client 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,” according to a release.
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 announcement explained.
The consumer can make payments seamlessly via approved digital currency wallets. With more than 100 million crypto wallets in use internationally, consumers should enjoy this “straightforward, one-step transactional model using their preferred native wallet to make a direct purchase with their cryptocurrency.”
The solution supports widely-used wallets such as Blockchain.com, BRD, Metamask, BitPay, and more in order to buy products 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).
At the time of checkout, consumers will be choosing their preferred crypto wallet on a Verifone device and “scan an on-screen QR code using their crypto wallet to complete the transaction.” After the cryptocurrency 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,” stated 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 capitalization for all virtual stands at around $2 trillion, holders of the currencies are “looking for places to spend their crypto money.”
Jeremy Belostock, Head of APMs at Verifone, added:
“Our merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto payments has exploded 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 partnership also allows Verifone “the right to make a strategic investment in BitPay.”
Mike Pulli, Verifone CEO, remarked:
“This partnership, solution and investment highlight Verifone’s commitment to enabling revolutionary and meaningful payment experiences for merchants. Our Advanced Payment Method platform is robust, and this crypto solution with BitPay adds tremendous value for Verifone and our customers.”
As noted in the update, the solution “requires one of Verifone’s Engage or Android devices connected to Verifone Cloud Services.”
For more details on this announcement, check here.