Last week, digital payment firm Verifone and cryptocurrency service provider BitPay announced a partnership that is geared toward helping people make daily purchases with crypto. This move is expected to help nearly 50 million U.S. consumers more fully integrate cryptocurrency into their normal routine.
The past five years have seen surging interest in Bitcoin and other cryptocurrencies, not only within financial circles but in the broader public. However, widespread acceptance of crypto has long faced a major stumbling block: for all of cryptocurrency’s much-vaunted security and convenience, there are relatively few ways consumers can use crypto to make purchases at brick-and-mortar retail establishments. Now, as cryptocurrency values continue to reach new heights, that appears to be changing at last thanks to initiatives like Verifone’s.
The Verifone–BitPay partnership has been characterized as removing unnecessary logistical hassles for merchants and consumers alike. By making use of native Verifone crypto wallets (which currently allow the holding and use of five major cryptocurrencies), consumers will be able to make purchases without first enrolling in BitPay. Just as importantly, this process will take the heavy technological lifting out of the retailers’ hands, allowing them to accept crypto as payment without investing a great deal in the associated transaction and security costs. If this partnership performs as anticipated, it is expected that an already booming crypto market will enjoy even more explosive growth in the near future.