Verifone (NYSE: PAY), one of the world’s leading payment solution providers, has announced “the extension of BitPay’s blockchain payment technology to enable consumer cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms in the United States.”
This American multinational corporation, which was founded in 1981 and is headquartered in Coral Springs, Florida, offers merchants payment solutions across all sales channels: in-store, web, and mobile.
In a press release issued on September 28, Verifone stated that its new “crypto payments” solution, which is the result of a partnership with BitPay, the world’s leading crypto payment processor, was launched on that day. This solution allows merchants to “broaden their customer base and promote crypto acceptance while being protected from the price volatility of the cryptocurrency markets.” Verifone expects it to be “easy for merchants to implement and intuitive for consumers.”
Verifone tells merchants that its crypto payments solution offers three main benefits:
- It brings in new customers since it allows merchants to accept crypto “as smoothly as other Advanced Payment Methods without requiring shoppers to move money or download a new app.”
- It works both on the web and in-store. This means crypto is accepted from the consumers’ native crypto wallets on the Verifone payment device or on the web via Verifone’s eCommerce solutions.
- It removes “the risk and volatility of crypto is removed” and settlement is “delivered promptly in local currency.”
Here is how this will work:
“At checkout, consumers will select their preferred crypto wallet on a Verifone device and scan an on-screen QR code using their crypto wallet to complete the transaction. Once the crypto funds have been verified, the merchant will receive an approval message on the in-store terminal. Funds will be settled promptly into the merchant’s bank account in traditional currency (e.g. USD) via Verifone.“
All major crypto wallets, such as Blockchain.com, BRD, and Metamask are supported. As for the cryptocurrencies with which consumers will be able to make payments, currently the set of supported cryptoassets is comprised of Bitcoin ($BTC), Ethereum ($ETH), Dogecoin ($DOGE), Bitcoin Cash ($BCH), Wrapped Bitcoin ($WBTC), Litecoin ($LTC), and five USD-pegged stablecoins ($GUSD, $USDC, $PAX, $DAI, and $BUSD).
Stephen Pair, co-founder and CEO of BitPay, had this to say:
“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.“
And Jeremy Belostock, head of Advanced Payment Methods (APMs) at Verifone, stated:
“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.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.