The American fintech company – Verifone – will enable cryptocurrency payment options to its clients through a collaboration with the bitcoin payment service provider – BitPay. The service will be available later this year as initially it will be introduced only in the United States.
The New Crypto Opportunity
The offering would also enable merchants to broaden their customer base and promote digital asset acceptance. They wouldn’t need to open an account with BitPay as crypto payments would come straight from Verifone.
Initially, the service will include six of the largest cryptocurrencies by market capitalization together with five USD-pegged stablecoins. Namely, those are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE), Gemini dollar (GUSD), USD Coin (USDC), USD Partners LP (USDP), Dai (DAI), and Binance USD (BUSD).
Consumers willing to use the new offering would need to select their preferred crypto wallet such as BitPay, BlockchainCom, BRD, or Metamask on a Verifone device and scan an on-screen QR code upon checkout. Once that’s done, Verifone would transfer the funds into the merchants’ bank account in fiat currency.
Stephen Pair – Co-Founder and CEO of BitPay – commented that Verifone’s merchant base includes prominent brands interested in joining the cryptocurrency trend.
Jeremy Belostock – Head of APMs at Verifone – also pointed out that “the appetite for crypto payments has exploded this year,” and added:
“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.”
BitPay’s Previous Partnerships
Not long ago, the tech giant Apple notified its users they could spend bitcoin through Apple Pay. The company clarified that this option is available via BitPay cards which can be added to Apple Wallet.
As CryptoPotato reported, one of the leading American property management firms – Magnum Real Estate Group – enabled buyers to use bitcoin for the purchase of three ground-level shops worth $29 million. BitPay, in its turn, would process the future cryptocurrency transactions.
Another recent example came from the e-commerce portal SHOP.com. It also partnered with BitPay permitting its customers to close purchases with bitcoin and other altcoins.