Bitpay announced Tuesday that it had partnered with Verifone, a retail payments solution provider, to enable blockchain payment technology infrastructure. This will allow cryptocurrency payments to be made on Verifone’s eCommerce Cloud Services and in-store platforms.
Merchants in the United States will have access to crypto payments services by the end this year.
Verifone offers end-to-end commerce and payment solutions to top retailers. The company claims it services more than 600,000. It handles transactions worth $440 billion each year.
“Our merchant base has been busy enabling a variety of advanced payment methods (APMs) and the appetite to receive crypto payments is exploding this year,” stated Jeremy Belostock from Verifone, Head of APMs.
Bitpay was founded in 2011 and is one of the first crypto companies. It also has the largest crypto payment network. Bitpay’s solutions allow merchants to accept crypto payments and protect them from wild volatility in the crypto market.
Bitpay allows transactions using a variety of digital currencies, including Bitcoin and Ethereum.
“Together, we have solved all potential challenges for merchants; there’s no volatility and fraud chargeback risk. Implementation costs are low and consumers will find it very seamless,” Belostock said.
Verifone will also have the opportunity to make strategic investments in the future through the partnership between these two companies.
Mike Pulli, Verifone CEO, stated that this partnership, solution, and investment highlights Verifone’s commitment to enabling revolutionary, meaningful payment experiences for merchants. “Our Advanced Payment Method platform has been robust and this crypto solution with BitPay is a tremendous value to Verifone and our customers .”
The company has partnered with many of the biggest global brands, including Verifone.