BitPay and Verfirne partner up to make crypto payments mainstream. This means you could soon be using crypto to purchase groceries, clothes, subscriptions, and avail many other transactions. The new partnership could stretch the appeal of cryptocurrency beyond its speculative frenzy and increase its demand.
One of the largest point-of-sale providers globally has announced a partnership with BitPay to enable U.S-based merchants to accept cryptocurrency payments. The initiative that will be implemented later this year will see the expansion of BitPay blockchains to cover crypto payments to Verifone in-store cloud services and e-commerce platforms.
The crypto payments are made with native crypto wallets
According to the announcement, the new crypto payments solution will enable merchants to broaden their customer base to customers who prefer to transact business using cryptocurrencies. BitPay CEO Stephen Pair, Verifone CEO Mike Pulli, and Verifone Head of Alternative Payment Models (APMs) Jeremy Belostock said merchants could accept the crypto payments directly from Verifone without setting up an account with BitPay. The crypto payments are made with native crypto wallets. Pulli added:
“We feel that having crypto available on our terminals will open up more options and opportunities for consumers, which is what Verifone aims to do. This opens up a currency that has never before been seen on a terminal, and we want to be at the forefront of this trend.”
The press release said that three cryptocurrency wallets in the testing phase were in the testing phase, including Blockchain.com, BRD, Metamask, and BitPay. The company added that merchants wouldn’t have to stress themselves with any technological input to enable the crypto payments and the wallets. All that merchants will have to do is download software to their in-store point-of-sale (POS) terminals. The firm said:
“When a consumer goes to pay at a physical store, they will see the amount due, and the screen will give them the different options for which crypto wallet to use. They will choose a wallet, and a QR-code will surface. They will then scan the QR-code directly from their blockchain wallet and choose the cryptocurrency they want to play with.”
Built on Verifone’s house of alternative payment methods
The initiative by Verifone is in a string of recent developments stretching back a few years. The company decided to join the crypto sphere in 2018 when it acquired an investment group led by Francisco Partner. Since then, the firm has continuously broadened its presence in the cloud, which has enabled a range of developments and several software upgrades. Pulli said of the hardware/software configurations:
“We built a foundation on the [Verifone] house of alternative payment methods […], and now we are just building rooms on top of the foundation.”