Global payment systems provider Verifone has partnered with BitPay to enable crypto payments in the US for a dedicated service to retailers.
The new partnership will enable retailers to accept crypto payments in their shops while receiving traditional currencies.
Verifone and BitPay to promote crypto adoption
The new solution from Verifone and BitPay reportedly allows retailers to expand their customer base and promote cryptocurrency adoption, while remaining protected from the price volatility of crypto markets.
Payments just got better for crypto lovers. We just announced an exclusive partnership with @BitPay to help retailers in the U.S. accept crypto payments and get settlement in traditional currency in-store, in-app or online.
— Verifone (@Verifone) September 28, 2021
“Payments just got better for crypto lovers. We just announced an exclusive partnership with BitPay to help retailers in the U.S. accept crypto payments and get settlement in traditional currency in-store, in-app or online”.
For retailers, this is an extension of BitPay’s blockchain payment technology to enable crypto payments to their consumers, through Verifone’s in-store and eCommerce Cloud Services platforms in the US.
Speaking about this, Jeremy Belostock, head of Advanced Payment Methods or APMs at Verifone 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 translation risk, low implementation costs, and consumers will find the payment experience very seamless”.
How Verifone’s new solution works
Verifone, a leading provider of advanced payment systems, has 35 million devices in 150 countries and processes more than $440 billion annually.
Its new solution will go live by the end of 2021 in the US and it works without the need to have a BitPay account.
As retailers will be able to accept crypto payments with Verifone, consumers will be able to pay using their approved crypto wallets. Among others, Verifone cites Blockchain.com, BRD, MetaMask, BitPay as some examples of wallets.
The currently confirmed cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC) and 5 stablecoins pegged to the US dollar (GUSD, USDC, PAX, DAI and BUSD).
BitPay together with Verifone and others to increase crypto payments
One of the largest providers of payment services in BTC and cryptocurrencies in general, BitPay has long been in the crosshairs of many major brands, with the aim of increasing crypto payments.
Like Verifone, earlier this month, Shop.com‘s e-commerce platform also reportedly chose BitPay.
Last spring, Apple Pay, Google Pay and Samsung Pay also began offering crypto payments in shops and online through BitPay’s prepaid card (an app-compatible Mastercard).
Another original venture this year involving BitPay was also the announcement by Fast Private Jet, a company that operates private jet charter services, that it would receive the world’s largest-ever crypto transaction for the payment of a single private jet flight.
The recorded crypto transaction at the time was equivalent to more than half a million dollars for a single intercontinental flight aboard an ultra-long-range private jet. Fast Private Jet, through BitPay, accepts crypto payments in BTC, BCH, ETH and XRP.
BitPay and regulation in Estonia
Just today, BitPay also announced that it has passed the stringent rules required by Estonia and the Estonian Financial Intelligence Unit (FIU), becoming the first regulated company in the country.
Following this audit, BitBay also stated that from October 2019 to December 2020, the company generated EUR 8,849,686 in revenue, or a profit of EUR 6,491,835 after taxes.
A BitPay spokesperson commented on the news as follows:
“Today’s announcement is an important milestone for us, and for the wider industry. At BitBay we believe that regulation is fundamental to creating a secure future for digital money and cryptocurrency exchanges, and that only by bringing cryptocurrency into the light will we be able to open it up for everyone. It’s for that reason that we commit to working with authorities around the world to transform how deposits, trades, and tax flow transparently to, through, and from crypto exchanges. Integrity and security have always been cornerstones of our approach here at BitBay, and for the million or so users on our platform across Europe, this certification should provide further comfort that their assets are in good hands”.