Reshab AgarwalVerifone enables crypto payments for retailers as they see a rising interest in crypto payments globally. If you wonder how extensive the Verifone network is, then let me tell you that they have 35 million devices in 150 countries. Yes, that is less than Visa and Mastercard, but they are not a small company at all. The company’s network processes around $440 billion annually, making the new crypto payments option an excellent move for the industry.
Verifone enables crypto payments
The reason why Verifone enabled crypto payments is the rising interest in crypto payments in 2021. This was cited by the company themselves as they bring these payment options in partnership with Bitpay. They will enable the option in both in-store and e-commerce cloud platforms in the US. The company has over 600k merchants and is used by a lot of large companies. While their annual transactions are around $440 billion, the number of transactions are at $10.4 billion with online and in-store combined.
Image Source: Verifone.com
This new option will be rolled out slowly, and one can expect to see it by the end of 2021. One important thing to note here is that Verifone is going to convert the accepted crypto payment into fiat and then deposit it in the merchant’s account. Verifone also said that for merchants to accept crypto payments, they do not need to have an account with Bitpay. This means merchants don’t need to worry about anything, and they are adding this option without taking any trouble themselves.
Supported currencies and benefit
Coming to the supported currencies, Verifone will be accepting Bitcoin, Ethereum, Dogecoin, Bitcoin cash, Wrapped Bitcoin, Litecoin, USDC, PAX, DAI, BUSD, and GUSD. This is a pretty big list and will give users even more versatility regarding how they will like to make the payment.
Verifone’s head of APMs said that they are busy enabling new advanced payment methods for their users. According to him, this new payment method will solve a lot of problems for the merchants. For example, crypto payments are less risky with low costs and seamless for users as well. All in all, the implementation of crypto will be beneficial for everyone.
What are your thoughts as Verifone enables crypto payments as demand for the same skyrockets? And do you think this move will push crypto adoption even further? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Europe records over $1 trillion in crypto transactions, becoming the largest crypto economy.