BitPay Inc. and Verifone Inc. are looking forward to securing a deal to provide physical points of sale in various shops across the U.S. According to Bloomberg, the newest Verifone points of sale will include payment with cryptocurrencies. Merchants across the country will be able to receive tokens and coins from various cryptocurrency wallets. The terms were not disclosed.
The partnership with Bitpay will allow the company to solve the main problem within the crypto industry: volatility. BitPay uses its own technology to protect merchants from the volatile nature of cryptocurrency, which allows them to sell for a specified price as with fiat currencies. Once the transaction is completed, merchants will be able to receive money directly from their bank accounts.
Bitpay already processes more than 60,000 transactions in a month. The CEO of Verifone, Mike Pulli, stated that the company is looking forward to giving users options and allowing them to pay for goods that they buy daily with cryptocurrencies or other digital assets.
Previously, another large company, Twitter, implemented cryptocurrency payments on its website, joining a group of companies that work in favor of crypto adoption in the "real world." According to Pulli, merchants are more than happy to accept payments in cryptocurrencies and are already lining up for the products. Some brands, like Macy's, Taco Bell and Whole Foods are welcoming customers with cryptocurrencies.
The partnership details have not yet been disclosed from both sides.