Verifone to Support Crypto Payments with Bitpay Partnership

Bitpay announced on Tuesday that it has partnered with retail Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term solutions provider Verifone to facilitate Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term payment technology infrastructure for enabling cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms.

The crypto payments services will be available to merchants in the United States by the end of this year.

Verifone provides end-to-end payment and commerce solutions to some of the top retail brands. According to the company, it provides services to more than 600,000 merchants and handles transactions of over $440 billion annually.

“Our merchant base is busy enabling several new advanced payment methods (APMs), and the appetite for crypto payments has exploded this year,” said Jeremy Belostock, the Head of APMs at Verifone.

Founded in 2011, Bitpay is one of the early crypto companies and among the largest when it comes to crypto payments. Its solutions facilitate merchants to accepts crypto payments, securing them from the wild volatility of the crypto market.

Bitpay supports transactions with an array of popular digital currencies like Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Wrapped Bitcoin, Litecoin and five USD-pegged stablecoins.

“Together we have solved all the potential challenges for merchants: There’s no volatility or fraud chargeback risk, low implementation costs and consumers will find the payment experience very seamless,” Belostock added.

Investment Opportunities

Additionally, the partnership between the two companies will provide Verifone with the right to make strategic investments at a later date.

“This partnership, solution and investment highlight Verifone’s commitment to enabling revolutionary and meaningful payment experiences for merchants,” Verifone CEO, Mike Pulli added. “Our Advanced Payment Method platform is robust, and this crypto solution with BitPay adds tremendous value for Verifone and our customers.”

Apart from Verifone, the company partnered with some of the big global brands earlier.