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Taco Bell will soon accept Dogecoin, or order some of Whole Foods avocado ice cream with Bitcoin.
BitPay Inc crypto payment processor and Verifone Inc one of the world’s largest providers of small machines used to pay via a credit card or Venmo at a checkout line come together to offer this facility.
Verifone in a statement on Tuesday said, TheLater this year it will start accepting payments for US merchants from a range of cryptocurrency wallets and tokens via its newest Verifone terminals. Though the terms of the agreement were not disclosed.
The crypto industry has been trying to spread the use of tokens for purchases for a long time, while most of the users continue to focus on speculation, and merchants are scared off by the price volatility of the digital assets.
BitPay clarified it will offer more protection from price swings as the funds will be settled promptly into the merchant’s bank account in traditional currency once a transaction is completed.
Currently, BitPay processes more than 60,000 transactions a month. While more than the transactions are in Bitcoin. Visa Inc on the other hand handles nearly 150 million transactions a day.
Mike Pulli, chief executive officer of Verifone, in an interview said, “We just want to give consumers 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.”
It is not easy for users to spend using cryptocurrency since they require to move coins to an exchange, sell them and move money into a bank account to spend. While some users use crypto money to buy gift cards. Others sign up for debit cards such as the ones offered by Coinbase Global Inc. It enabled them to use crypto anywhere Visa is accepted.
Earlier Twitter allowed its users to tip in Bitcoin, now Verifone will be the latest company to offer a crypto payment facility.
Mike Pulli said, “There’s a very nice backlog of them. There’s lots and lots and lots of interest. I think our phones will be ringing off the hook” once the capability is more widely known.”
The company has not mentioned the merchants it will include, but currently, Verifone caters to brands such as American Eagle Outfitters, Macy’s, Williams Sonoma, Taco Bell, and Whole Foods.
It is also not clear how long the exclusive partnership between Verifone and Atlanta-based BitPay is. According to BitPay, Verifone also has the option to invest in their company. BitPay managed to raise more than $70 million in funding from investors including Founders Fund and Virgin Group.
Pulli further said, “We’ve always felt it was a matter of time before people had an expectation they could pay with crypto as they pay with Mastercard and Visa.”
While Stephen Pair, CEO of BitPay, in an interview said, “This development will accelerate that. Consumers are going to just expect that to be an option.”