Verifone, a payment solution provider to the world’s largest retail brands, announced it has partnered with BitPay. According to a press release published on 28 September, Verifone will use BitPay’s blockchain technology to enable cryptocurrency payments on its in-store and e-commerce cloud service platforms in the U.S.
“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, the 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.”
Jeremy Belostock, the Head of APMs at Verifone, said the appetite for cryptocurrency payments has exploded this year among Verifone’s users. By partnering with BitPay, the company was able to solve the challenges its merchants might face when dealing with cryptocurrencies without sacrificing convenience for users, he explained.
The joint solution will be easy to implement for merchants and intuitive to use for consumers. The company said interested merchants will be able to accept cryptocurrency payments directly from Verifone without having to set up an account with BitPay. Consumers will be able to pay through approved crypto wallets, which include Blockchain.com, BRD, Metamask, BitPay, and others. Once BitPay processes the payment, the funds will be settled into the merchants’ bank accounts in fiat currency via Verifone.
Verifone said the solution will roll out later this year and support payments in 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).