Verifone will accept cryptocurrency payments at major shops via BitPay
As Bitcoin (BTC) and other digital assets continue to gain popularity, crypto payments are becoming more common. This is true for both cryptocurrency owners and non-crypto owners who are only interested in the notion of using cryptocurrencies for payments. According to recent statistics, 93 percent of crypto users polled would consider making crypto purchases. According to the research, 59 percent of customers who do not own cryptocurrency would be interested in utilizing it to make transactions in the future. As a result, it should come as no surprise that major payment providers such as Mastercard have increased their efforts to support crypto payments in the future. Furthermore, social media behemoths such as Twitter are attempting to facilitate bitcoin payments via methods such as tipping.
Verifone now accepts cryptocurrency payments.
It is critical to note that in order for crypto payments to become widely accepted, both online and physical shops must begin taking them. According to Funderas research, only approximately 2,300 companies in the United States accepted Bitcoin payments by the end of 2020. Mike Pulli, CEO of Verifone, told that merchants in the United States using Verifone’s in-store and eCommerce Cloud Services systems would be able to take bitcoin payments before the end of this year. Pulli went on to say that Verifone has recently been looking for alternate payment methods and would soon enable crypto transactions due to the mainstream’s growing interest in cryptocurrency:
We believe that having cryptocurrency available on our terminals will provide customers with additional alternatives and opportunities, which is what Verifone strives to accomplish. This allows us to use money that has never been seen on a terminal before, and we want to be at the forefront of this trend. Although Pulli was unable to identify which online and physical shops will begin to accept cryptocurrency payments, the company’s reach is significant and will most certainly have an influence on cryptocurrency payment acceptance. To put this into context, Verifone operates 36 million point-of-sale (POS) machines and has completed over 10 billion transactions, producing over $350 billion in annual volume.
According to Stephen Pair, CEO of BitPay, while BitPay frequently enables merchants to handle cryptocurrency transactions, Verifone is by far the largest collaboration to date: Verifone consumers are seeking cryptocurrency payments. This is the situation since there are millions of crypto users today who have blockchain wallets on their phones and wish to utilize them. To Pair’s point, Jeremy Belostock, Verifone’s head of alternative payment methods, told that the business is experiencing a significant shift in customer behavior as a result of factors such as the COVID-19 epidemic.
In particular, Belostock stated that customers are more trusting of mobile wallets than ever before, viewing them as quick and convenient payment methods: There has been a change from having a credit card to having a trusted mobile app that people want to use for purchasing. We are entering this industry in order to make cryptocurrency more mainstream.
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