Verifone Enables Retailers to Accept Cryptocurrencies, Says Merchants’ Appetite for Crypto Payments ‘Has Exploded’

Verifone Enables Retailers to Accept Cryptocurrencies, Says Merchants’ Appetite for Crypto Payments ‘Has Exploded’

Verifone, a global payment system provider with 35 million devices in 150 countries, is rolling out crypto payment support in the U.S. in partnership with Bitpay. Verifone’s platform processes more than $440 billion annually. The company says, “the appetite for crypto payments has exploded this year.”

Major Retailers Will Soon Be Able to Accept Cryptocurrency Payments via Verifone

Major payment solution provider Verifone announced Tuesday its partnership with Bitpay “to enable consumer cryptocurrency payments on Verifone’s in-store and Ecommerce Cloud Services platforms in the United States.”

Verifone provides “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,” its website describes. The company’s global platform handles more than 10.4 billion online and in-store transactions annually, totaling more than $440 billion. About 35 million Verifone devices are in operation in more than 150 countries.

The announcement details:

Merchants will begin rolling out the solution later this year.

The cryptocurrency payment solution requires one of Verifone’s Engage or new Android line of devices connected to the Verifone Cloud.

“Merchants will be able to accept crypto payments directly from Verifone without the need for an account with Bitpay,” the payment solution provider added. “Funds will be settled promptly into the merchant’s bank account in traditional currency (e.g. USD) via Verifone.” In addition, the partnership allows Verifone the right to make a strategic investment in Bitpay.

Merchants will be able to accept Bitpay’s supported cryptocurrencies: bitcoin (BTC), ethereum (ETH), dogecoin (DOGE), bitcoin cash (BCH), wrapped bitcoin (WBTC), litecoin (LTC), and 5 USD-pegged stablecoins (GUSD, USDC, PAX, DAI, and BUSD).

Jeremy Belostock, head of Verifone’s APMs, commented:

Our merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto payments has exploded this year.

He believes that this crypto payment solution solves “all the potential challenges for merchants,” emphasizing, “there’s no translation risk, low implementation costs, and consumers will find the payment experience very seamless.”

What do you think about Verifone enabling retailers to accept crypto payments in partnership with Bitpay? Let us know in the comments section below.