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Verifone Enables Retailers to Accept Cryptocurrencies

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Verifone Enables Retailers to Accept Cryptocurrencies. In collaboration with Bitpay, Verifone, a worldwide payment system supplier with 35 million devices in 150 countries, is bringing crypto payment functionality to the US. In fact, The Verifone platform handles about $440 billion in transactions each year. “Appetite for crypto payments has skyrocketed this year,” according to the firm.

Major retailers will be able to accept crypto payments via Verifone

Verifone, a major payment processing company, announced a collaboration with Bitpay on Tuesday to “allow consumer bitcoin payments on Verifone’s in-store and Ecommerce Cloud Services platforms in the United States.”

According to its website, Verifone delivers “end-to-end payment and commerce solutions to the world’s most well-known retail brands, major financial institutions, and directly to more than 600,000 merchants alike.” The company’s worldwide platform processes more than 10.4 billion online and in-store transactions worth over $440 billion each year. Verifone devices are usable in over 150 countries and have a total installed base of 35 million.

Additionally, One of Verifone’s Engage or new Android smartphones connected to the Verifone Cloud is essential for the bitcoin payment option.

Crypto payment solution overcomes all the possible issues for merchants

Merchants will be capable of accepting cryptocurrency payments directly through Verifone. Without the necessity for a Bitpay account, according to the payment solution provider. “Funds will be deposited into the merchant’s bank account via Verifone in conventional currency (e.g. USD) the soonest possible”. Verifone also has the option to implement a strategic investment in Bitpay as a result of the cooperation.

Bitpay’s supported cryptocurrencies include bitcoin (BTC), ethereum (ETH), dogecoin (DOGE), bitcoin cash (BCH). As well as wrapped bitcoin (WBTC), litecoin (LTC), and five USD-pegged stablecoins (GUSD, USDC, PAX, DAI, and BUSD).

This crypto payment solution, according to Jeremy Belostock, director of Verifone’s APMs, overcomes “all the possible issues for merchants”. He added that “there is no translation risk, minimal installation costs, and customers will find the payment experience incredibly convenient”.

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