Cryptocurrency payments are going mainstream as more retailers are given the opportunity to accept cryptos as payment options
Cryptocurrency payment processor BitPay has announced a new partnership with Verifone, the manufacturer of credit card readers, in a bid to boost cryptocurrency payments at major retail outlets. The partnership will allow more retailers to accept a wide range of cryptocurrencies as payment for their services and goods.
In a press release yesterday, BitPay said its payment solution would allow customers to pay with cryptocurrencies on Verifone’s in-store and eCommerce Cloud Services platforms across the United States.
This latest solution makes it possible for merchants to expand their customer base and promote the acceptance of cryptocurrencies while also protecting themselves from the price volatility of the cryptocurrency markets. BitPay added that the solution would be available to merchants before the end of the year.
Merchants can start accepting crypto payments directly from Verifone without opening an account with BitPay. Customers can pay using any of the supported wallets, such as Blockchain.com, BRD, Metamask, BitPay and more. They can pay in various cryptocurrencies, including BTC, ETH, Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), Wrapped Bitcoin (WBTC) and stablecoins (USDT, DAI, BUSD, USDC and GUSD).
Stephen Pair, co-founder and CEO of BitPay, stated that “Verifone’s merchant base includes many of the world’s largest and most well-known brands looking to tap into the growing crypto market. This partnership allows these businesses to easily and securely accept crypto payments and benefit from pent up consumer demand to spend crypto.”
Mike Pulli, CEO of Verifone, said in an interview with Bloomberg that the company doesn’t care what the customers want to buy, they just want to ensure that they have the flexibility to pay the way they want to.
The CEO added that Verifone entered the cryptocurrency space because its merchant base has been looking to tap into the market, which is now worth over $2 trillion. Bloomberg added that some of Verifone’s top merchants include Whole Foods and Macy’s.