{"id":345365,"date":"2021-09-28T13:59:00","date_gmt":"2021-09-28T10:59:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/verifone-to-enable-crypto-payments-at-major-retailers-through-bitpay\/"},"modified":"2021-09-28T13:59:00","modified_gmt":"2021-09-28T10:59:00","slug":"verifone-to-enable-crypto-payments-at-major-retailers-through-bitpay","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/verifone-to-enable-crypto-payments-at-major-retailers-through-bitpay\/","title":{"rendered":"# Verifone to enable crypto payments at major retailers through BitPay"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36e7309bf18\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36e7309bf18\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/verifone-to-enable-crypto-payments-at-major-retailers-through-bitpay\/#Verifone_launches_crypto_payments\" >Verifone launches crypto payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/verifone-to-enable-crypto-payments-at-major-retailers-through-bitpay\/#As_easy_as_using_Venmo_or_PayPal_but_for_crypto_transactions\" >As easy as using Venmo or PayPal, but for crypto transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/verifone-to-enable-crypto-payments-at-major-retailers-through-bitpay\/#Will_mainstream_adoption_follow\" >Will mainstream adoption follow?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Verifone to enable crypto payments at major retailers through BitPay <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Crypto payments are becoming increasingly popular as Bitcoin (BTC) and other digital assets continue to go mainstream. This has become the case for both crypto holders and non-crypto owners who are primarily interested in the concept of using cryptocurrencies for payments.<\/p>\n<p>Recent data has found that 93% of crypto users surveyed would consider making purchases in crypto. The report further revealed that 59% of consumers who don\u2019t hold crypto would be interested in using it to make purchases in the future.\u00a0<\/p>\n<p>As such, it shouldn\u2019t come as a surprise that major payment providers like Mastercard have been ramping up their efforts to support crypto payments moving forward. In addition, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> giants such as Twitter are also working to enable cryptocurrency payments through mechanisms like tipping.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Verifone_launches_crypto_payments\"><\/span>Verifone launches crypto payments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s important to point out that online merchants and physical retailers must begin accepting crypto payments to ensure mainstream adoption. According to findings from Fundera, only about 2,300 businesses in the United States <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fundera.com\/resources\/how-many-businesses-accept-bitcoin\">accepted<\/a> Bitcoin payments at the end of 2020. <\/p>\n<p>In order to advance this, Verifone \u2014 one of the largest point-of-sale providers in the world \u2014 announced today that the extension of BitPay\u2019s blockchain payment <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> will enable cryptocurrency transactions. <\/p>\n<p>Mike Pulli, CEO of Verifone, told Cointelegraph that by the end of this year, merchants leveraging Verifone\u2019s in-store and eCommerce Cloud Services platforms in the United States will be able to accept cryptocurrency payments. Pulli added that Verifone has been seeking alternative payment methods recently, and will now support crypto transactions due to the mainstream\u2019s rising interest in cryptocurrency:<\/p>\n<blockquote><p>\u201cWe feel that having crypto available on our terminals will open up more options and opportunities for consumers, which is what Verifone aims to do. This opens up a currency that has never before been seen on a terminal and we want to be at the forefront of this trend.\u201d<\/p><\/blockquote>\n<p>Although Pulli was unable to reveal which online and physical merchants will begin to support crypto payments, the company\u2019s reach is substantial and will therefore likely have an impact on crypto payment adoption. To put this in perspective, Verifone operates 36 million point-of-sale, or POS, devices and has processed over 10 billion transactions, generating over $350 billion in volume per year. <\/p>\n<p>Stephen Pair, CEO of BitPay, told Cointelegraph that while BitPay regularly enables merchants to process crypto transactions, Verifone is by far the biggest partnership to date: \u201cVerifone customers are requesting to have crypto payments. This has become the case as there are millions of crypto users today that have blockchain wallets on their phones that they want to leverage.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/c8a6dd85-3e98-4f2d-8b94-23455f7892d2.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\">Source: Verifone<\/figcaption><\/figure>\n<p>To Pair\u2019s point, head of alternative payment methods at Verifone Jeremy Belostock told Cointelegraph that the company is witnessing a major shift in consumer behavior due to reasons such as the COVID-19 pandemic. Specifically speaking, Belostock noted that, more than ever before, consumers are trusting mobile wallets, looking at these as quick and easy payment methods:<\/p>\n<blockquote><p>\u201cThere has been a shift from having a credit card to having a trusted mobile <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> that consumers want to leverage for spending. We are tapping into this market to make crypto mainstream.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"As_easy_as_using_Venmo_or_PayPal_but_for_crypto_transactions\"><\/span>As easy as using Venmo or PayPal, but for crypto transactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Belostock explained that Verifone\u2019s advanced payment engine designed to support crypto transactions functions the same as its terminals that accept Venmo or PayPal payments. The only difference is that both physical and online merchants will now be able to accept Bitcoin, Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), and five USD-pegged stablecoins Gemini dollar (GUSD), USD Coin (USDC), Pax Dollar (USDP), Maker DAO (DAI) and Binance USD (BUSD).<\/p>\n<p>Moreover, the solution will initially support major wallets including Blockchain.com, BRD, Metamask and BitPay. Belostock further mentioned that when paying with crypto via a Verifone device, consumers will go through an easy process, similar to using a credit card:<\/p>\n<blockquote><p>\u201cWhen a consumer goes to pay at a physical store, they will see the amount due and the screen will give them the different options for which crypto wallet to use. They will choose a wallet and a QR-code will surface. They will then scan the QR-code directly from their blockchain wallet and choose the cryptocurrency they want to pay with.\u201d <\/p><\/blockquote>\n<p>From the merchant\u2019s perspective, Pulli explained that accepting crypto payments via Verifone is the same as accepting another form of tender, noting that there is no added risk involved: \u201cAll that\u2019s required from our merchants is a software update since they are connected to our cloud platform. Even though consumers are sending crypto from their wallets, merchants will only see their local currency.\u201d<\/p>\n<p>This is an important point, as Belostock shared that many of Verifone\u2019s merchants have expressed concern about exposure to crypto\u2019s volatility. \u201cThe big question here is if there is any risk involved,\u201d he remarked. Yet, unlike other solutions that allow merchants to decide whether or not to accept crypto after transactions are settled, Verifone\u2019s merchants must accept the U.S. dollar. \u201cThis is mainly because of the refund aspect, but it also protects against volatility,\u201d said Belostock. He added that in the case of a refund, consumers will get their crypto back for the amount of their original purchase. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Will_mainstream_adoption_follow\"><\/span> Will mainstream adoption follow?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While it\u2019s clear that crypto payments are on the rise, some concerns remain that may hamper mainstream adoption in the United States. <\/p>\n<p>On Sept. 24, for example, the People\u2019s Bank of China, or PBoC, published guidelines to crack down on crypto activity throughout the country. These measures intend to \u201ccut off payment channels, dispose of relevant websites and mobile applications in accordance with the law.\u201d<\/p>\n<p>Although this may impact crypto\u2019s reach, Bill Bielke, BitPay\u2019s chief marketing officer, told Cointelegraph that it&#8217;s too early to tell what effect China\u2019s measures may have in the U.S. or globally: \u201cWe do see positive growth and huge potential with the Verifone announcement today in the U.S. as another way for merchants to accept Bitcoin and 10 other cryptos, as well as for consumers who have crypto and are looking to spend.\u201d<\/p>\n<p><strong><em>Related:\u00a0Adapt or die: Payments giants partner with crypto firms to ensure security<\/em><\/strong><\/p>\n<p>In addition to China\u2019s recent crypto ban, both consumers and merchants could face a number of challenges when it comes to spending cryptocurrency. For example, accounting challenges tend to be a major concern for U.S.-based users. Yet, Pair mentioned that no tax implications will be present if users convert crypto to stable coins that can be spent on Verifone devices. He further pointed out that companies offering crypto conversion software like TaxBit are helping users report gains and losses directly from their wallets. <\/p>\n<p>Moreover, accessibility could also create challenges for both merchants and consumers, as some crypto payment solutions require a number of steps in order for purchases to be made. For instance, Belostock mentioned that Verifone has seen competitive solutions where crypto must be transferred from multiple wallets and then converted to a gift card to be used for payments. While this may be, he remarked that the product that Verifone and BitPay have built should turn out to be simple and intuitive.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/verifone-to-enable-crypto-payments-at-major-retailers-through-bitpay\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Verifone to enable crypto payments at major retailers through BitPay &#8221; Crypto payments are becoming increasingly popular as Bitcoin (BTC) and other digital assets continue to go mainstream. This has become the case for both crypto holders and non-crypto owners who are primarily interested in the concept of using cryptocurrencies for payments. Recent data&#8230;<\/p>\n","protected":false},"author":1,"featured_media":345366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvOTg2YzUyZTQtYzRkMy00OGMxLWFiNGYtZGQzODQ3ZGI3YWFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,76276,80559,74863,75159,74891,74889,75493,74880,116697,74355,117,67874],"class_list":["post-345365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-payments","tag-bitpay","tag-cryptocurrencies","tag-digital-currency","tag-ethereum","tag-payments","tag-stablecoin","tag-transactions","tag-verifone","tag-adoption","tag-business","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/345365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=345365"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/345365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/345366"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=345365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=345365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=345365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}