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Bitcoin payments are gaining traction as the asset price has grown. With El Salvador making the cryptocurrency a legal tender, it is only a matter of time until other countries follow in its footsteps. Making the implementation of BTC payments important for companies who want to stay competitive in the long run. Major outlets have begun to accept crypto payments.
The latest of these has been AMC Theaters, which announced that it was going to begin accepting payments in various cryptocurrencies by the end of the year. This will enable theatergoers to pay for their tickets and concessions using Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, with the addition of Dogecoin currently in the pipeline. Now joining the ranks of institutions accepting BTC payments is technology company Verifone.
Related Reading | JPMorgan CEO Doesn’t Care If Bitcoin Grows 10X In Five Years
Bringing Bitcoin Payments To The Forefront
Thanks to a recent partnership, Verifone has now brought bitcoin payments to thousands of merchants across the United States. The company which is known for producing payments processing technology is now bringing a new solution to its users. Verifone is one of the largest suppliers of credit card reader machines in the world. With its already established notoriety, it is now enabling the merchants who use its payments technology to accept cryptocurrency payments.
BTC price falls to $41K | Source: BTCUSD on TradingView.com
Verifone partnered with Bitpay in order to merchants who desire to accept bitcoin payments. Bitpay will mitigate volatility issues by directly sending the BTC payments straight to the merchants’ accounts via fiat currency. This means that when a user pays for a good or service using bitcoin, the equivalent dollar amount of the bitcoin collected will be automatically deposited into the merchant’s bank account.
BitPay is one of the leading crypto payments processors in the world and with over 30,000 bitcoin transactions processed every month, it puts it in a prime position to help Verifone bring this service to the public.
Buy And Pay How You Want
Being able to spend bitcoin has been a pain point for the industry since day 1. Due to this, the digital currency has been mostly relegated to being just an investment asset rather than being used as an actual real-world currency. But growing popularity among users has prompted companies to start considering and accepting, BTC payments for the goods and services which they offer.
Related Reading | Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown
Verifone has stepped up to take on the mantle of making bitcoin transactions easier and seamless. According to Mike Pulli, CEO of Verifone, the company has received massive interest for its latest offering. Explaining that the company already has a backlog of merchants who are interested in implementing BTC payments. “There’s lots and lots of interest. I think our phones will be ringing off the hook,” Pulli said.
Although the company is yet to disclose which merchants are going to be accepting BTC payments, Pulli explained that the partnership was made in a bid to give consumers more 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,” the CEO said in an interview.
Featured image from Investopedia, chart from TradingView.com
