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 has found that 93% of crypto users surveyed would consider making purchases in crypto. The report further revealed that 59% of consumers who don’t hold crypto would be interested in using it to make purchases in the future.
As such, it shouldn’t come as a surprise that major payment providers like Mastercard have been ramping up their efforts to support crypto payments moving forward. In addition, social media giants such as Twitter are also working to enable cryptocurrency payments through mechanisms like tipping. Verifone launches crypto payments
It’s 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 accepted Bitcoin payments at the end of 2020.
In order to advance this, Verifone — one of the largest point-of-sale providers in the world — announced today that the extension of BitPay’s blockchain payment technology will enable cryptocurrency transactions.
Mike Pulli, CEO of Verifone, told Cointelegraph that by the end of this year, merchants leveraging Verifone’s 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’s rising interest in cryptocurrency:
“We feel that having crypto available on our terminals will open up more options and opportunities for consumers to [sell bitcoin to credit card usd, 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.”
Although Pulli was unable to reveal which online and physical merchants will begin to support crypto payments, the company’s 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 of selling paypal to credit card usd 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: “Verifone 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.”