- Verifone – the providers of machines which allow customers to pay with debit or credit cards – will begin accepting a range of cryptocurrencies
- BitPay has said it will offer greater protection from volatile price swings by transferring funds promptly into the merchant’s bank account
- One of the primary problems many people have had with paying in crypto is that it’s an arduous and complicated process
A new partnership between crypto payment processor BitPay Inc. and Verifone Inc will allow food-related businesses to accept digital currency in exchange for their goods and services.
Later this year, Verifone – the providers of machines which allow customers to pay with debit or credit cards – will begin accepting a range of cryptocurrencies, the company announced on Tuesday.
This means that in the near future customers will be able to purchase fast food like Taco Bell with Dogecoin.
However, merchants are not that open to accepting crypto coins.
Why Have Merchants Shown Resistance to Crypto?
The original goal of cryptocurrency was to be able to use it to pay for goods and services. While some companies have taken the leap and embraced this relatively new phenomenon, many companies remain tentative due to concerns surrounding the price volatility of cryptocurrencies.
To combat this concern BitPay has said it will offer greater protection from volatile price swings. This will be achieved by the funds will be transferred promptly into the merchant’s bank account in traditional currency as soon as a transaction is completed.
Currently, BitPay processes over 60,000 transactions per month with more than half of those being in Bitcoin. However, this is minuscule when you compare this to Visa transactions which numbers 150 million transactions a day, on average.
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Addressing the Complications of Crypto Payments
One of the primary problems many people have had with paying in crypto is that it’s an arduous and complicated process. There are a number of steps involved which scare most people away from paying for goods and services in cryptocurrency. In some cases, there are a number of exchanges as well as selling and moving required before a customer can actually convert digital currencies into spendable fiat.
This issue is beginning to be addressed with few major credit card companies releasing crypto cards. Visa is one of these companies.
The latest to address this issue and make it easier for customers to pay in crypto is Verifone. Last week, Twitter allowed users to tip in Bitcoin. Meanwhile, PayPal has also increased its efforts in crypto payments. Moreover, in 2018, Starbucks launched a project whose purpose it was to blend cryptocurrency into the wider global economy. All of this has been made possible by Verifone and companies are queuing up for the product.
While Verifone is currently making large amounts of income and generating a large customer base, the company’s CEO, Mike Pulli says it has no plans to go public soon.
This latest development is a good news for cryptocurrency, in general, which is now becoming further and further mainstream.