On Payment Terminals and In-App/eCommerce
Crypto payments to move mainstream as major retailers and SMBs alike can now accept crypto and get settlement in traditional currency
ATLANTA (September 28, 2021) – BitPay, the world’s largest provider of bitcoin and cryptocurrency payment services, and Verifone, a global FinTech leader and payment solution provider to the world’s largest retail brands, today announce the extension of BitPay’s blockchain payment technology to enable consumer cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms in the United States. 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. Merchants will begin rolling out the solution later this year.
The solution is easy for merchants to implement 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 seamlessly using approved crypto wallets. With over 100 million crypto wallets in use globally, consumers will enjoy this straightforward, one-step transactional model using their preferred native wallet to make a direct purchase with their cryptocurrency. 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).
At checkout, consumers will select their preferred crypto wallet on a Verifone device and scan an on-screen QR code using their 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. Funds will be settled promptly into the merchant’s bank account in traditional currency (e.g. 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 businesses to easily and securely accept crypto payments, and benefit from pent up consumer demand to spend crypto.”
As the market cap for all cryptocurrencies is $2 trillion, holders of the currencies are looking for places to spend their crypto money. “Our merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto payments has exploded this year,” said Jeremy Belostock, head of APMs at Verifone. “Together we have solved all the potential challenges for merchants: There’s no volatility or fraud chargeback risk, low implementation costs, and consumers will find the payment experience very seamless.”
The partnership also allows Verifone the right to make a strategic investment in BitPay. “This partnership, solution and investment highlight Verifone’s commitment to enabling revolutionary and meaningful payment experiences for merchants,” said Mike Pulli, Verifone CEO. “Our Advanced Payment Method platform is robust, and this crypto solution with BitPay adds tremendous value for Verifone and our customers.”
Current Verifone merchants who want to begin taking 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 Cloud Services. New merchants, large or small, can fill out this contact form to purchase the solution.
Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending 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 FinTech leader providing valuable end-to-end payment and commerce solutions to the world’s best-known retail brands, major financial institutions, and directly to more than 600,000 merchants alike. The company’s global services platform is built on a four-decade history of innovation and uncompromised security and handles 10.4B+ online and in-store transactions annually, totaling more than $440B. Trusted and recognized by consumers for its growing footprint of 35 million devices in more than 150 countries, businesses choose Verifone for its global scale, local capabilities, omnichannel prowess and solution flexibility. Learn more at Verifone.com
Jan Jahosky Scott Perkins