Cryptocurrency News

Verifone and Bitpay to enable crypto payments at major retailers

  • Merchants using Verifone's in-store and eCommerce Cloud Services platforms in the United States will be able to accept payments in cryptocurrencies
  • Stephen Pair, CEO of BitPay, stated that Verifone is by far the most significant partnership to date
  • Verifone's advanced payment engine, which will support crypto transactions, works just like the terminals that accept Venmo or PayPal payments

Verifone, a global leader in point-of-sales, announced that it will enable cryptocurrency transactions with BitPay’s blockchain payment extension.

Merchants will be able to accept crypto payments using Verifone

Merchants using Verifone’s in-store and eCommerce Cloud Services platforms in the United States will be able to accept payments in cryptocurrencies. It’s unclear which online and physical merchants will accept cryptocurrencies, but to give you an idea of Verifone’s reach. Currently, the company operates 36 million point-of-sale devdices and has processed more than 10 billion transactions, generating over $350 billion in volume per year. Some of the companies that use Verifone their technology are 

Stephen Pair, CEO of BitPay, stated that It is not new for BitPay to help merchants with processing crypto transactions. Still, Verifone is by far the most significant partnership to date: “Verifone customers are requesting to have crypto payments. This has become the case as there are millions of crypto users today that have blockchain wallets on their phones that they want to leverage.”

Crypto transactions will be as easy as using PayPal

Verifone’s advanced payment engine, which will support crypto transactions, works just like the terminals that accept Venmo or PayPal payments. The only difference is that both physical and online merchants can now accept Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE) Litecoin (LTC), and the five stablecoins tied to the USD Gemini Dollar (GUSD), USD Coin (USDC), Pax Dollar (USDP), Maker DAO (DAI) and Binance USD (BUSD).

For merchants, accepting crypto payments through Verifone is the same as accepting any other payment method, as there is no additional risk. Even if a customer sends a cryptocurrency, the merchant will see it displayed in their local currency. The only thing merchants need to do is update their software. 

This is an important point because many of Verifone’s merchants have expressed concerns about the volatility of cryptocurrencies. But unlike some other solutions, Verifone’s merchants have to accept to settle transactions in US dollars. This is to avoid issues with a refund , but it also protects merchants against volatility. 

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