Verifone to allow crypto payments at major retailers via BitPay

BitPay has partnered with one of the largest point-of sale providers in the world to allow U.S.-based merchants accept crypto payments. Crypto payments are growing in popularity as Bitcoin (BTC), and other digital assets continue their mainstream rise. Both crypto owners and non-crypto users are now interested in using crypto for payments. Recent data shows that 93% of crypto users would consider buying crypto. The report also revealed that 59% consumers who don’t own crypto would be interested to use it for future purchases. It shouldn’t surprise that major payment companies like Mastercard are increasing their efforts to support cryptocurrency payments. Social media giants like Twitter are also trying to make cryptocurrency payments possible through tipping. Verifone launches crypto payments. It is important to note that both online merchants as well as physical retailers must accept crypto payments in order to ensure widespread adoption. Fundera’s data shows that only 2,300 US businesses accepted Bitcoin payments at the close of 2020. Verifone, one of the most prominent point-of-sale companies in the world, announced today that BitPay’s blockchain payment technology will be extended to enable cryptocurrency transactions. Mike Pulli, CEO at Verifone, stated to Cointelegraph that merchants who use Verifone’s eCommerce Cloud Services platforms in the United States by the end this year will be able accept cryptocurrency payments. Pulli said that Verifone is looking for alternative payment methods and will now accept crypto transactions because of the rising interest in cryptocurrency. “We believe that having crypto on our terminals will allow consumers more options and opportunities, which is what Verifone aims at.” This allows for a currency that is not yet available on a terminal. We want to be the first to embrace this trend. Although Pulli could not reveal which online or physical merchants will start to accept crypto payments, the company has a large reach and will likely have an impact on the adoption of crypto payment. This is because Verifone has 36 million point-of sale (POS) devices. It has processed more than 10 billion transactions and generated over $350 billion in volume each year. Cointelegraph’s Stephen Pair, CEO at BitPay, said that BitPay allows merchants to process cryptocurrency transactions regularly, but Verifone is the largest partnership to date: “Verifone clients are asking for crypto payments.” This is because there are millions of crypto users who have blockchain wallets that they want to use. Source: VerifoneTo illustrate the point, Verifone’s head of alternative payment methods, Jeremy Belostock, told Cointelegraph that Verifone is seeing a shift in consumer behavior as a result of the COVID-19 pandemic. Belostock stated that mobile wallets are becoming more popular because they can be trusted and used for quick payments. We are tapping into this market to make crypto mainstream.”As easy as using Venmo or PayPal, but for crypto transactionsBelostock explained that Verifone’s advanced payment engine designed to support crypto transactions functions the same as its terminals that accept Venmo or PayPal payments. The only difference is that both online and physical merchants will be able to accept Bitcoin and Ethereum (ETH), Dogecoin(DOGE), Bitcoin Cash [BCH], Wrapped Bitcoin [WBTC], Litecoin] and five USD-pegged stablecoins Gemini Dollar (GUSD), USD Coin, USDC), Pax Dollars (USDP), Maker DaAO (DAI), Binance USD (BUSD), and Metamask wallets. Belostock also mentioned that consumers will be able to pay with crypto via a Verifone device. This will allow them to see the amount due, and the screen will show them the options for choosing which crypto wallet they want. The QR-code will be displayed and they will choose a wallet. They will then scan the QR code from their blockchain wallet to choose the cryptocurrency they wish to pay with. Pulli explained that accepting cryptocurrency payments via Verifone is exactly the same as accepting any other form of tender. “All that’s required of our merchants is a software upgrade since they are connected our cloud platform. Merchants will only be able to see the local currency, even though crypto is being sent from consumers’ wallets. This is an important point as Belostock shared that many Verifone merchants are concerned about crypto’s volatility. He said, “The big question is whether there is any risk involved.” Verifone’s merchants must also accept the U.S. Dollar, unlike other solutions that allow merchants decide whether or not they accept crypto after transactions have been settled. Belostock stated that this is due to the refund aspect but also protects against volatility. He said that consumers will receive their crypto back if they are eligible for a refund. This is in addition to the original purchase amount. Will mainstream adoption follow? While crypto payments are clearly on the rise, there are still some concerns that could hinder mainstream adoption in the United States. The People’s Bank of China (PBoC) published guidelines on Sept. 24 to crack down against crypto activity in the country. These measures are intended to “cut off payment channels and dispose of relevant websites, mobile applications in accordance to the law.” U.S.-based users are particularly concerned about accounting issues. Pair said that there will not be any tax consequences if users convert crypto into stable coins that can then be used on Verifone devices. Pair also mentioned that TaxBit, a company that offers crypto conversion software, allows users to report their gains and losses right from their wallets. Accessibility could pose a problem for both consumers and merchants, as many crypto payment solutions require multiple steps to make purchases. Belostock, for example, mentioned that Verifone has encountered competitive solutions where crypto must first be transferred from multiple wallets before it can be converted into a gift card. He acknowledged that this is possible, but he said that Verifone’s BitPay product should be simple and intuitive.

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