The Silicon Valley venture capital firm Andreessen Horowitz (a16z) released a report on Tuesday covering the current state of crypto adoption. It highlights Ethereum as the leading blockchain network for developer support but contains very little mention of Bitcoin’s growth. The Potential of Web 3 The VC firm broke boiled down its report into five key takeaways about the current state of crypto. It began by suggesting that the industry is in the middle of its fourth ‘price innovation’ cycle.…
Earlier today, reports unveiled that Verifone and BitPay have forged a business partnership. The deal would allow Verifone users to pay in cryptos. They also added that the details of this alliance are still confidential.
Crypto Enthusiasts Get A Chance To Use Their Stash At Verifone Subsidiaries
As per Bloomberg, you could soon be enjoying ordering items from Verifone’s subsidiaries like Taco Bell and Whole Food and paying with your cryptos. However, Verifone’s clients will only gain access to these payments sometime towards the end of the year.
Verifone, a global payment solution provider and FinTech leader has partnered with BitPay to provide its clients with a chance to pay their bills through cryptocurrencies. This feature will be operational for instore and eCommerce Cloud Services in the United States. The new payment protocol will help Verifone’s subsidiaries enlarge their customer base and satisfy their customers in a new way.
All crypto enthusiasts will have an excellent opportunity to incorporate their payments with cryptos through Verifone. That is because the merchants will now receive crypto payments from Verifone without installing BitPay wallets.
According to Jeremy Belostock, the head of APMs at Verifone, the company has solved all potential challenges for the merchants. He added that the new crypto payment method is free from fraud chargebacks. Also, it has a minimum volatility risk and enjoys low implementation fees that favor business owners.
The clients will also be able to play flawlessly from a variety of approved crypto wallets. During purchases, clients will scan a QR code in their wallets to complete their transactions. BitPay will receive the funds, and the seller will receive a notification message to authorize the trade almost instantly.
Why Did Verifone Consider Crypto Payments?
Currently, spending cryptos in your local joints and restaurants have very many challenges. However, Verifone has decided to add this payment method to enhance its customer satisfaction with its services.
As per Bloomberg, Mike Pulli, the CEO of Verifone, said that the main intention for Verifone to consider crypto payments is to provide more options to its clients. He also noted that it has offered many payment options to its customers and will not mind whichever client prefers.
Large Companies Race towards Crypto Adoption
Verifone is the latest company to consider incorporating crypto payments into their approved billing methods. Other big corporations like PayPal have also increased their efforts towards crypto adoption.
Last week, Twitter also allowed its users to send tips to one another using BTC. In 2018, Starbucks also found a way to incorporate crypto trades into its e-commerce business. Such developments will impact crypto markets by encouraging people to adopt them and use them on a day-to-day basis.