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September 29, 2021

BitPay, Verifone team up to allow cryptocurrency acceptance on payment terminals

By Shalini mani

BitPay has announced the extension of its blockchain payment technology to allow consumer cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms in the US.

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BitPay is a provider of bitcoin and cryptocurrency payment services, while Verifone is a payment solution provider to retail brands.

The new solution allows merchants to widen their customer base and promote crypto acceptance while being safeguarded from the price fluctuations of the cryptocurrency markets.

Merchants will commence launching the solution later this year.

This solution is claimed to be easy for merchants to implement as well as intuitive for consumers.

Merchants can directly accept crypto payments from Verifone without requiring a BitPay account.

Consumer too will be able to make seamlessly payments using approved crypto wallets.

The solution is claimed to support major wallets such as Blockchain.com, BRD, Metamask, BitPay, and more to make purchases with Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), etc.

During checkout, consumers can choose their preferred crypto wallet on a Verifone device and scan an on-screen QR code making use of their crypto wallet to finish the transaction.

Once BitPay receives the crypto funds, merchants will get an approval message on their in-store payment terminal.

The funds get promptly settled into the merchant’s bank account in traditional currency through Verifone.

BitPay co-founder and CEO Stephen Pair said: “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.”

Verifone head of APMs Jeremy Belostock said: “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.”

With this partnership, Verifone gets the right to make a strategic investment in BitPay.

Verifone CEO Mike Pulli said: “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.”

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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