The latest partnership between crypto payment processor, BitPay Inc. and Verifone Inc., one of the world’s largest providers of credit card machines, will provide the ultimate gateway to incorporate crypto payments into daily life. According to the companies’ Tuesday statement, towards the end of 2021, the crypto payment gateway partnership aims to begin accepting crypto payments for U.S. merchants, facilitating several tokens.
Protection from Crypto price swings
While the crypto industry consistently works toward extending decentralization into daily transactions, retailers are still scared off by the price volatility of the digital assets. Where El Salvador government implemented Bitcoin legal tender, it still lacked the assurance of profitable liquidity, which in turn led to anti-crypto protests. However, BitPay claims it will provide protection from such issues of price volatility and liquidity as the funds will be settled into the merchant’s bank account in traditional currency, immediately after a transaction is completed.
“We’ve always felt it was a matter of time before people had an expectation they could pay with crypto as they pay with Mastercard and Visa…This development will accelerate that. Consumers are going to just expect that to be an option.”, Stephen Pair, CEO of BitPay, said in an interview according to Bloomberg.
Potential Brands for Crypto partnership
Verifone and BitPay partnership agreement has not disclosed any terms and conditions or the timeframe for this crypto partnership. However, these two giants in their respective fields may come out with the most accessible payment gateway for crypto and non-crypto community alike. Furthermore, the companies have not stated any brands that will come under the crypto partnership payment gateway services, yet the market is flooded speculation about Verifone’s existing clients being part of the deal. These clients include big names like, American Eagle Outfitters, Macy’s, Williams Sonoma, Taco Bell, and Whole Foods.
“We just want to give consumers options…If they decide to buy a pizza with Visa or AmEx or crypto, we don’t care. We just want to give them the flexibility to pay the way they want to.”, Mike Pulli, chief executive officer of Verifone, said in an interview.