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HomeeCommerce NewsVerifone & BitPay to bring crypto to the Brick and Mortar POS

Verifone & BitPay to bring crypto to the Brick and Mortar POS

To broaden the appeal of cryptocurrency, it is important to expand its acceptance. The consumer clamor to use cryptos in everyday retail is almost there. Research from BitPay shows that 18% of the population of the US would be likely to make a purchase.

They want to use cryptos to buy everyday items like groceries, clothes, subscriptions, and other smaller transitions. But it is not possible to spend it when there is no space to do it.

Bringing crypto to the realm of brick-and-mortar can broaden the visibility of cryptocurrency. It can accelerate the growth of cryptos beyond the exchange and the headlines by Elon Musk. A newly announced pact of BitPay and Verifone would allow merchants to sidestep the volatility of price and downside the risk, which is the hallmark for digital currency.

The CEO of BitPay, Stephen Pair, and CEO of Verifone Mike Pulli, and the Head of APMs, Jeremy Belostock, said that the partnership would help people. It will aid in embracing cryptos more. Also, it will let the merchants broaden their customer base with the serving of those users ease in transactions.

In terms of mechanics, the companies said that merchants could also accept crypto payments from Verifone. They will not need to set up an account with BitPay. The payments will take place with native crypto wallets.

The initial testing phase includes names like BRD, Blockchain.com, Metamask, and BitPay. The trio said that others would follow in the coming months. Verifone’s CEO said that the merchants would need to do a very little technological filling for payments and wallets. They can download the software for POS terminals.

For Verifone, it is marking the latest development, which stretches back over a few years. After 2018 the company worked to deepen its presence in the cloud. It has broadened its APMs on the offer of a better software upgrade. BitPay and Verifone further anticipate a fall rollout for the crypto acceptance at the terminals of Verifone.

“Now, inside a brick-and-mortar store, you can use crypto the same way that you use a normal credit card,” Pulli said. “And that’s powerful stuff.”

Pulli added during the checkout, as a consumer selects their wallet on a Verifone device and scans the QR code, the crypto funds from BitPay will Seattle. It will convert to dollars in the bank account of the merchant. Even during the return, the merchants will stay complete regardless of the value of the coins.

“In the crypto world and the crypto wallet world, this QR-driven experience has been there from Day One,” he said. “They were kind of built for payments, from the ground up… Pretty soon, any financial app anywhere you store money is going to have to add payments capability to it.”

The partnership also comes with an option for Verifone to invest in BitPay in the coming days.

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