Verifone To Begin Accepting Payments In Cryptocurrencies

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Point-of-sale provider Verifone is set to begin accepting payment in select cryptocurrencies in a partnership with bitcoin payment processor BitPay. Merchants using Verifone's in-store and eCommerce Cloud Services platforms in the U.S. will be able to accept cryptocurrency payments. Merchants will begin rolling out the solution later this year.

While checking out, consumers will be able to select their preferred crypto wallet on a Verifone device and scan an on-screen QR code using their approved 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.

The funds will then be settled promptly into the merchant's bank account in traditional currency through Verifone. This partnership allows the merchants to easily and securely accept crypto payments, and benefit from pent up consumer demand to spend crypto.

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. With the market cap for all cryptocurrencies standing at around $2 trillion, holders of these currencies are looking for places to spend their crypto money.

Merchants will be able to accept crypto payments directly from Verifone without the need for an account with BitPay.

The solution supports major 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-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD).

Verifone operates 35 million point-of-sale devices in more than 150 countries, processing more than 10.4 billion online and in-store transactions annually with a total value of $440 billion. However, this facility is currently available only in the U.S.

Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. In July 2018, BitPay had become the first blockchain payment processor and the first non-exchange to secure a BitLicense from the New York Department of Financial Services (NYDFS).

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