American fintech company Verifone will enable cryptocurrency payment options for its customers by collaborating with Bitcoin payment service provider BitPay. The service will be available later this year as it will initially be offered only in the United States.
New encryption opportunity
According to a recent press release, the solution will allow customers to operate cryptocurrency settlements on Verifone’s in-store platforms and cloud e-commerce services in the USA.
The offer will also enable merchants to expand their customer base and enhance acceptance of digital assets. They will not need to open an account with BitPay because the crypto payments will come directly from Verifone.
Initially, the service will feature six of the largest cryptocurrencies by market cap along with five stablecoins pegged to the US dollar. They are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE), Gemini dollar (GUSD), USD Coin (USDC), USD LP Partners (USDP), and Dai (DAI) and Binance USD (BUSD).
Consumers wanting to use the new offer will need to choose their preferred crypto wallet such as BitPay, BlockchainCom, BRD or Metamask on their Verifone device and scan the QR code on the screen when paying. Once this is done, Verifone will transfer the funds to the merchants bank account in fiat currency.
Stephen Beer, co-founder and CEO of BitPay, commented that Verifone’s merchant base includes prominent brands interested in joining the crypto trend.
Jeremy Belostok, Head of APMs at Verifone, also noted that “the appetite for cryptocurrency payments has exploded this year,” adding:
“Together, we solve all potential challenges merchants face: no risk of refund volatility or fraud, low implementation costs, and consumers will find the payment experience very seamless.”
Previous BitPay Partnerships
Not long ago, the tech giant Apple notified its users of the possibility of spending bitcoins through Apple Pay. The company explained that this option is available via BitPay cards that can be added to Apple Wallet.
as Potato encryption It was reported, that one of the leading US real estate management companies – Magnum Real Estate Group – enabled buyers to use bitcoin to purchase three stores on the ground level worth $29 million. BitPay will in turn process future cryptocurrency transactions.
Another recent example came from the e-commerce portal SHOP.com. It has also partnered with BitPay to allow its customers to close purchases using Bitcoin and other altcoins.
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