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The new payment solution would allow customers to choose their crypto wallet on the Verifone terminal serving as a card reader.
Yesterday, the world’s largest provider of cryptocurrency payment services, BitPay, and a leading fintech company responsible for making terminals accepting payment with some retail brands, Verifone, announced their partnership to make Verifone machines crypto-enabled.
According to the announcement, this new partnership between the duo companies aims to expand the payment options for customers interested in making payments using cryptocurrencies. As stated in the press release, the solution will be rolled out later this year.
The new payment solution from BitPay and Verifone would allow customers to choose their crypto wallet on the Verifone terminal serving as a card reader. Users would complete the transaction by scanning the QR code with their crypto wallet, and the specific amount would drop in the merchants’ bank accounts in US dollars.
Only users with supported wallets such as Blockchain.com, BRD, Metamask, BitPay, and more can make purchases with Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD) can use this.
“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 received by BitPay, 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,” the press release reads in part.
Speaking with Bloomberg in an interview, the chief executive officer of Verifone, Mike Pulli, said:
“If they decide to buy a pizza with Visa or AmEx or crypto, we don’t care.”
He continued that they “just want to give them the flexibility to pay the way they want to.”
Verifone said in the press release that “the new solution enables merchants to broaden their customer base and promote crypto acceptance while being protected from the price volatility of the cryptocurrency markets.”
Available information shows that Verifone has a massive merchant base that has been plus crypto holders looking for brands that allow crypto payments. According to Bloomberg, its merchants include Whole Foods, Marcy’s, and more.
Jeremy Belostock, head of APMs at Verifone, said that the “merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto payments has exploded this year.” He continued:
“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.”
Cryptocurrency payment is the new trend now. PayPal, Xbox, and Taco Bell-owner Yum Brands recently joined by allowing crypto payment.