Fintech company Verifone partners with BitPay to offer crypto payments
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Answer Fintech company Verifone partners with BitPay to offer crypto payments
American financial technology company Verifone has announced that it is enabling cryptocurrency payment options for its customers by collaborating with payment service provider BitPay.
The service will be available later this year as it will initially be offered only in the USA.
The continued adoption of crypto by institutions as a means of payment:
According press release Recently released, the solution will allow customers to use cryptocurrency for settlements on Verifone’s in-store platform and cloud e-commerce services in the USA.
The offer will also enable traders to expand their client base and enhance the acceptance of cryptocurrencies.
They will not need to open an account with BitPay because the crypto payments will come directly from Verifone.
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Initially, the service will include six of the largest cryptocurrencies by market cap along with five stablecoins pegged to the dollar:
- Bitcoin.
- Ethereum.
- Bitcoin Cash.
- Bitcoin Envelope WBTC.
- Litecoin.
- Doge Queen.
- GUSD.
- USDC.
- USDP.
- DAI.
- BUSD.
Users wishing to use the new offer will need to select their preferred crypto wallet such as BitPay, Blockchain.Com, BRD or Metamask on the Verifone device and scan the QR code on the screen.
Once this is done Verifone will transfer the funds to the merchants bank account in fiat currency.
Stephen Beer, co-founder and CEO of BitPay, commented that Verifone’s merchant base includes prominent brands interested in joining the cryptocurrency trend.
Jeremy Belostok, head of APM at Verifone, noted that the appetite for cryptocurrency payments has exploded this year, adding:
Together we have succeeded in solving all potential challenges for traders.
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No risk of volatility or chargeback fraud, and low implementation costs.
Consumers will find the payment experience very smooth.
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