Verifone, BitPay To Roll Out Crypto Payments

Highlights:

  • Verifone is an American fintech firm that facilitates seamless remittances, domestic and cross-borders.
  • BitPay is a Bitcoin payment service provider based in Georgia, Atlanta, United States.
  • BitPay has extended its blockchain payment network to Verifone so as to help the latter develop its crypto payment network.

What did Bitpay announce?

BitPay, one of the largest Bitcoin payment service providers has announced its newly established partnership with Verifone, an American fintech company with expertise in remittances and payments.

The terms of the partnership dictate that BitPay will extend its blockchain payment technology to Verifone’s interface. This extension of technology will facilitate cryptocurrency payments in Verifone’s physical stores as well as its E-commerce platforms exclusively in the United States.

The dynamic payment system in the form of the best performing asset class will help Verifone gather a rather large and young customer base. Since people are always looking for convenient payment methods which do not require fiat currencies, the payment network will attract them to purchase goods powered by Verifone.

The two companies have also considered the concerns over volatility in the market price of various cryptocurrencies. Although they haven’t announced a reasonable solution for the same, a decision will be taken before the new feature is rolled out. The merchants partnered with Verifone will be able to accept crypto payments later this year, when all the wrinkles are ironed out.

Verifone
Source: Business Wire

What are the details of the roll-out?

The payments facility will be convenient for consumers and economical for the merchants who choose to use it. The merchants will receive payments in the form of several cryptocurrencies without creating an account with BitPay. Moreover, the consumers will be able to send the payments through an approved wallet under an established cryptocurrency exchange.

In a recent survey, it was revealed that there are over 100 million crypto wallets that are active in the world. With the roll-out of this feature, each person using an active wallet will be able to access the payments network powered by the partnership between Verifone and BitPay. Thus, with a native transactional model, consumers can make payments directly from their wallet to the merchant’s wallet. Among other wallets, the facility supports Blockchain.com, BRD, BitPay and Metamask. These wallets can be used to transfer cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin cash and Wrapped Bitcoin. The wallet will also support USD-pegged stablecoins such as USDC, USDT, GUSD, DAI and BUSD.

At the checkout, customers will select their wallet on a Verifone powered application or device. They then will scan a QR code using their own wallet to execute the transaction of the selected purchase amount of goods bought. The merchants will receive an approved message instantaneously once the crypto assets have been transferred. The assets will directly be converted into USD at the current market price.

Thus, this is the way crypto volatility will be eliminated efficiently. However, this feature will also be a drawback for those merchants who want to hold their received assets for the long-term

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