BitPay, Verifone team up to roll out support for crypto payments

BitPay and Verifone announce their partnership to introduce support to crypto payments later this year. Through the deal, the Coral Springs, Florida, headquartered electronic technology provider will start offering crypto payment options across its merchant network in the United States.

As mentioned on Coin Desk, merchants or traders in the country that use Verifone’s software will be able to start offering the cryptocurrency payment option after the scheme is launched.

BitPay, the bitcoin payment service provider headquartered in Atlanta, Georgia, supports crypto wallets, including Blockchain.com and MetaMask. This allows it to accept purchases in six types of cryptocurrencies such as bitcoin, dogecoin, ether, and five U.S. dollar-pegged stable coins like USDC and BUSD. Once BitPay approves the transaction, the funds will be settled in the merchant’s bank in fiat currency through 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,” BitPay co-founder and chief executive officer, Stephen Pair, said in a press release. “This partnership allows these businesses to easily and securely accept crypto payments, and benefit from pent up consumer demand to spend crypto.”

Verifone CEO, Mike Pulli, added that this new partnership and investment underscores the company’s commitment to “enabling revolutionary and meaningful payment experiences for merchants.” He said that the crypto solution with BitPay adds immense value for the firm and its customers.

In any case, crypto payment options are gaining popularity as digital assets and cryptocurrencies continue to go mainstream. Since more and more people are accepting this form of payment, many are interested and giving it a try as well. Once they learned how it works and saw the advantages, people are now opting for this digital payment scheme.

In fact, it was reported that recent data showed that 93% of crypto users would consider making purchases in crypto. Furthermore, about 59% of the consumers who do not have crypto accounts said they are interested in using it for purchases in the future.

Finally, Coin Telegraph noted that with the results, it is not surprising that Mastercard and other major payment providers have been taking steps and improving their systems to accommodate crypto payments.