Earlier this week, Verifone – one of the world’s largest point-of-sale(POS) payment service providers – announced a partnership with crypto payment processor BitPay to bring cryptocurrency transactions to businesses, per an official press release.
Crypto Payments for Wherever You Are
The release confirmed that this partnership would ramp up cryptocurrency payments at in-store locations and via online cloud services for e-commerce businesses all across the United States.
Verifone has over 600,000 customers in the United States and processes upwards of $10 billion in annual transaction volumes. The company plans to roll out the crypto payment feature later this year, possibly increasing its user base even more.
Speaking with news sources, Verifone chief executive Mike Pulli explained that the company had been seeking alternative payment channels for a while now. They’ve come to recognize the increased demand that cryptocurrencies have gotten as well, and this seems like a perfect time to venture into the crypto space.
Jeremy Belostock, the company’s head of payments, also explained that the coronavirus pandemic had accelerated the move to mobile payments for many people. This means an increased demand for cryptocurrencies, hence the company’s need to push forward.
The Verifone partnership is the largest for BitPay to date. So far, the company has established itself as the largest payment processor for cryptocurrencies, and it has had some impressive milestones this year.
Earlier this month, BitPay partnered with e-commerce company Shop.com to allow crypto payments. Thanks to the partnership, Shop.com’s customers will now be able to make payments for their purchases using seven digital assets and five stablecoins.
Crypto’s Continued Entry Into Payments
Besides ease of use and access, large payment companies have also been moving more into the crypto space as they look to increase their platforms’ security. For instance, this month saw the bombshell acquisition of crypto analytics and tracking platform CipherTrace by credit card manufacturer Mastercard.
As an official announcement pointed out, Mastercard confirmed that it plans to integrate CipherTrace’s operations into its cybersecurity solutions for cryptocurrencies. The two companies will combine their cyber capabilities and tools to improve Mastercard’s real-time payments and card infrastructure.
Amongst other things, Mastercard executives explained that the CipherTrace acquisition would help ensure that their clients can spend cryptocurrencies easily while maintaining regulatory safety standards.
The move is part of Mastercard’s plan to establish a much broader presence in the crypto space. In July, company CEO Michael Miebach said that they would be looking to become the de facto payment processing channel for intra-country transfers using central bank digital currencies (CBDC) and stablecoins.
With more countries looking to digitize their currencies, Mastercard is looking to make it easier for international value flows using these assets. The CipherTrace acquisition will make it much easier.