BitPay has partnered with global payment solutions company Ingenico to introduce Bitcoin payments into traditional point-of-sale (POS) devices.
The one-of-its-kind payment solution, launched during a blockchain event this Monday, has been developed by BitPay and installed on Ingenico’s private terminal ICT250. According to the companies’ joint press release, the said integration will make it possible for customers to pay with Bitcoin instantly on a global scale.
The Bitcoin-enabled POS device allows merchants to generate a QR code by entering a fiat sale price. This code can then be scanned by customers’ Bitcoin wallet app, following which the transaction is concluded. Like always, the BitPay terminal instantly converts Bitcoin into target-fiat currency to protect merchants from volatility.
Speaking about the partnership, Tony Gallippi, the executive chairman of BitPay, said in a statement:
“We are excited to partner with Ingenico Group, one of the leading payment processors in both physical and online commerce. This integration will help us expand bitcoin payments to thousands of retail payment terminals worldwide.”
Miguel Angel Hernandez, Managing Director of Ingenico Iberia, also expressed how adding a disruptive payment technology such as Bitcoin would assist their company provide a more safer and secure transaction service. He said in a statement:
“Participating in such an important project has allowed Ingenico Group to demonstrate its leadership in the payment space and bring a safe and secure payment method like virtual currency to the end user.”
Earlier this year, Ingenico has launched a similar service in Europe upon partnering with Paymium, a payment application app.
Ingenico has been contacted for comments. This article will be updated accordingly.