ATLANTA–(BUSINESS WIRE[US in-store and e-commerce cloud services platforms. The new solution enables merchants to expand their customer base and promote cryptocurrency adoption while being protected from the price volatility of the cryptocurrency markets. Dealers will begin rolling out the solution later this year.
The solution is easy to implement for retailers and intuitive for consumers. Merchants can accept crypto payments directly from Verifone without the need for an account with BitPay. The consumer will be able to seamlessly pay with approved crypto wallets. With over 100 million crypto wallets in use worldwide, consumers will enjoy this straightforward, one-step transaction model by using their preferred native wallet to make a direct purchase using their cryptocurrency. The solution supports large wallets like Blockchain.com, BRD, Metamask, BitPay and more to make purchases with Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC) and 5 USD-linked stablecoins (GUSD, USDC, USDP, DAI and BUSD).
At the checkout, consumers select their preferred crypto wallet on a Verifone device and use their crypto wallet to scan an on-screen QR code to complete the transaction. As soon as the crypto funds have been received by BitPay, the merchant receives an approval message on the terminal in the store. Funds are immediately transferred to the merchant’s bank account via Verifone in traditional currency (e.g. USD).
“Verifone’s merchant base includes many of the world’s largest and best-known brands looking to enter the growing crypto market,” said Stephen Pair, BitPay Co-Founder and CEO. “This partnership enables these companies to accept crypto payments easily and securely and capitalize on pent-up consumer demand for crypto spending.”
Since the market capitalization for all cryptocurrencies is $ 2 trillion, holders of the currencies are looking for places to spend their cryptocurrency. “Our merchant base is busy enabling several new advanced payment methods (APMs) and the appetite for crypto payments has exploded this year,” said Jeremy Belostock, head of APMs at Verifone. “Together we solved all potential challenges for merchants: there is no risk of chargebacks due to volatility or fraud, low implementation costs and consumers will find the payment experience to be very seamless.”
The partnership also gives Verifone the right to make a strategic investment in BitPay. “This partnership, solution and investment underscores Verifone’s commitment to delivering revolutionary, meaningful payment experiences to merchants,” said Mike Pulli, CEO of Verifone. “Our platform for advanced payment methods is robust, and this crypto solution with BitPay offers Verifone and our customers enormous added value.”
Current Verifone merchants who wish to take cryptocurrency payments in-store and online should contact their Verifone sales representative. The solution requires one of Verifone’s Engage or Android devices to be connected to Verifone Cloud Services. New dealers large or small can fill out this contact form to purchase the solution.
About BitPay
BitPay was founded in 2011 and is celebrating its 10th anniversary this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform the way companies and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce payment processing costs and enable unlimited payments in cryptocurrency, among other things. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card that enables them to convert digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe and South America and has raised more than $ 70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group and Aquiline Technology Growth. Please visit bitpay.com for more information.
About Verifone
Verifone is a leading FinTech company providing valuable end-to-end payment and trading solutions to the world’s best-known retail brands, major financial institutions and more than 600,000 direct merchants. The company’s global service platform is based on a four-decade history of innovation and uncompromising security and processes over 10.4 billion online and in-store transactions annually for a total of more than 440 billion US dollars. Trusted and recognized by consumers for its growing presence of 35 million devices in more than 150 countries, companies choose Verifone for its global reach, local capabilities, omnichannel capability and solution flexibility. Learn more at Verifone.com.
source https://www.bisayanews.com/2021/09/28/bitpay-and-verifone-partner-to-exclusively-enable-cryptocurrency-acceptance-on-payment-terminals-and-in-app-ecommerce/
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