BitPay, the world’s largest provider of bitcoin and cryptocurrency payment services, and Check, a global leader in FinTech and payment solutions provider for the world’s largest retail brands, today announces the extension of BitPay’s blockchain payment technology to enable consumers’ cryptocurrency payments on Verifone’s in-store cloud services and eCommerce platforms in the United States. The new solution allows traders to expand their customer base and promote acceptance of cryptocurrencies while being protected from the price volatility of cryptocurrency markets. Merchants will start rolling out the solution later this year.
The solution is easy to implement for merchants and intuitive for consumers. Merchants will be able to accept crypto payments directly from Verifone without the need for an account with BitPay. The consumer will be able to pay transparently using approved crypto wallets. With over 100 million crypto wallets in use globally, consumers will enjoy this simple one-step transactional model by using their preferred native wallet to make a direct purchase with their cryptocurrency. The solution supports major wallets like Blockchain.com, BRD, Metamask, BitPay, etc. to make purchases with Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC) and 5 stable coins linked to the USD (GUSD, USDC, USDP, DAI and BUSD).
At checkout, consumers will select their preferred crypto wallet on a Verifone device and scan an onscreen QR code using their crypto wallet to complete the transaction. Once the crypto funds are received by BitPay, the merchant will receive an approval message on the in-store terminal. The funds will be settled promptly to the merchant’s bank account in traditional currency (eg USD) via Verifone.
“Verifone’s merchant base includes many of the world’s largest and most well-known brands looking to tap into the growing crypto market,” said Stephen Pair, co-founder and CEO of BitPay. “This partnership allows these companies to easily and securely accept crypto payments and take advantage of pent-up consumer demand to spend on crypto.”
Since the market capitalization of all cryptocurrencies is $ 2,000 billion, currency holders are looking for places to spend their crypto money. “Our merchant base is busy activating several new advanced payment methods (APMs), and the appetite for crypto payments has exploded this year,” said Jeremy Belostock, manager of APMs at Verifone. “Together, we have solved all the potential challenges for merchants: there is no risk of volatility or fraud chargebacks, low implementation costs, and consumers will find the payment experience very smooth. “
The partnership also gives Verifone the right to make a strategic investment in BitPay. “This partnership, solution and investment underscores Verifone’s commitment to delivering revolutionary and meaningful payment experiences to merchants,” said Mike Pulli, CEO of Verifone. “Our advanced payment method platform is robust and this encryption solution with BitPay adds tremendous value to Verifone and our customers. “
Current Verifone merchants who want to start accepting cryptocurrency payments in-store and online should contact their Verifone sales representative. The solution requires one of Verifone’s Engage or Android devices connected to Verifone’s cloud services. New merchants, large or small, can fill out this contact form to purchase the solution.
Founded in 2011, BitPay is celebrating its 10th anniversary this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform the way businesses and individuals send, receive and store money. Its business solutions eliminate fraudulent chargebacks, reduce the cost of processing payments, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay wallet and the BitPay prepaid card, enabling them to turn digital assets into dollars to spend at tens of thousands of businesses. The company has offices in North America, Europe and South America and has raised more than $ 70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group and Aquiline Technology Growth. For more information visit bitpay.com
Verifone is a leader in FinTech providing end-to-end payment and commerce solutions to the world’s best-known retail brands, major financial institutions and directly to over 600,000 merchants. The company’s global services platform is built on a history of four decades of uncompromising innovation and security, and handles more than 10.4 billion online and in-store transactions per year, for a total of more of 440 billion dollars. Recognized and recognized by consumers for its growing footprint of 35 million devices in more than 150 countries, companies choose Verifone for its global scale, local capabilities, omnichannel prowess and flexible solutions. Learn more about verifone.com