Key Takeaways
- Crytpocurrency payment processor BitPay has parntered with payment solutions provider Verifone
- Thousands of vendors will beign accepting cryptocurrencies thanks to the new partnership
- Dogecoin (DOGE) among the benificiaries of the new agreement as it eyes to get into the mainstream
YEREVAN (CoinChapter.com) — BitPay and Verifone have joined hands to bring cryptocurrencies to the mainstream. While BitPay is one of the world’s largest cryptocurrency payments processors, Verifone boasts of being a trusted payment solution provider to the world’s best-known retail brands, major financial institutions, and thousands of merchants.
“The new partnership will enable consumer cryptocurrency payments on Verifone’s in-store and eCommerce Cloud Services platforms in the United States,”
the announcement reads.
Thanks to the new partnership, merchants will be able to cater to a broader customer base. Shoppers who hold cryptocurrencies can soon spend them directly with those retailers who will implement the new solution.
The move will also promote cryptocurrency acceptance, bringing recognition and to cryptos.
Dogecoin (DOGE), the popular meme crypto favored by TESLA CEO Elon Musk will be one of the gainers from this partnership.
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Eliminating a huge cryptocurrency spending problem
Currently, people holding cryptocurrencies find spending it to be an uphill task. Without direct payments in cryptocurrencies, their holdings, at times, prove to be a headache.
To make use of cryptos, one has to convert them into fiat currency first. Not only is this an expensive affair, but it also means extra effort. While online exchanges facilitate conversions from cryptocurrencies, which people can later deposit into a bank account, it is not always easy.
In some countries, holders still rely on brick and mortar exchanges to convert their holdings into fiat money. With few options available, crypto spending can be troublesome.
However, the partnership between BitPay and Verifone will eliminate this problem.
Merchants can accept crypto payments directly from Verifone without the need for an account with BitPay. The consumer, in return, will be able to pay easily using approved crypto wallets.
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Dogecoin among cryptocurrencies to gain wide acceptance
According to the announcement, the thousands of merchants that use Verifone’s payment solutions will have the option to accept a wide range of cryptocurrencies.
According to the company, Verifone’s merchant base includes many of the world’s largest and most well-known brands looking to tap into the growing crypto market.
“This partnership allows these businesses to easily and securely accept crypto payments, and benefit from pent up consumer demand to spend crypto,”
Stephen Pair, Co-Founder, and CEO of BitPay said.
With several wallets integrated, merchants can accept payments in Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH) among others.
For customers, the process is as easy as traditional payments. At checkout, consumers will select their preferred crypto wallet on a Verifone device and scan an on-screen QR code using their crypto wallet to complete the transaction.
To protect the merchants from cryptocurrency volatility, Verifone will pay the merchants instantly in traditional currency.
With Verifone’s portfolio including brands like Taco Bell and Whole Foods, one can expect to spend Dogecoin (DOGE) to buy a pizza or a taco soon.
In March, BitPay had partnered with the professional basketball team Dallas Mavericks. Thanks to the partnership, fans can now buy tickets and merchandise using DOGE.
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Doge hopes for the return of green candles
The price of Dogecoin (DOGE) has been struggling since May 8. Ever since the meme cryptocurrency touched its all-time high of $0.731578, the token has failed to recover from the sudden dip.
Although in early June it did try to make a comeback, the bulls pushed it right back south.
It currently trades over 70% lower than its ATH. The last few days have seen a lot of red candles appearing on the charts. However, with the news of the new partnership out, the market seems to be reacting in Doge’s favor.
A green candle has returned on the daily chart and might usher in better days for DOGE.
According to Verifone’s CEO Mike Pulli, “there’s lots and lots and lots of interest” from the merchants. Once the list of merchants that have signed up for the program is out, DOGE can hope to get back into the game.
