Crypto payments are becoming increasingly popular as Bitcoin (BTC) and other digital assets continue to go mainstream. This has become the case for both cryptocurrency holders and non-cryptocurrency owners who are primarily interested in the concept of using cryptocurrencies for payments.
Recent data has found that 93% of cryptocurrency users surveyed would consider making crypto purchases. The report further revealed that 59% of consumers who do not own cryptocurrencies would be interested in using it to make purchases in the future.
New study reveals high demand for cryptocurrency payments
As such, it should come as no surprise that major payment providers such as Mastercard (NYSE:MA) have stepped up their efforts to support crypto payments in the future. In addition, social media giants like Twitter (NYSE:TWTR) are also working to enable cryptocurrency payments through mechanisms like tipping.
While it could not disclose which physical and online merchants will begin supporting crypto payments, the company’s reach is substantial and will therefore likely have an impact on crypto payments adoption. To put this in perspective, Verifone operates 36 million point-of-sale or POS devices and has processed more than 10 billion transactions, generating more than $350 billion in volume per year.
Twitter enables Bitcoin tipping feature for all its users
Stephen Pair, CEO of BitPay says that while BitPay allows merchants to process crypto transactions, Verifone is by far the largest partnership to date: Verifone customers request crypto payments. This has become the case as there are millions of cryptocurrency users today who have blockchain wallets on their phones that they want to take advantage of.
Speaking of Pair, Verifone’s head of alternative payment methods, the company is witnessing a major shift in consumer behavior due to reasons such as the COVID-19 pandemic. Specifically that, more than ever, consumers are relying on mobile wallets, viewing them as quick and easy payment methods:
There has been a shift from having a credit card to having a trusted mobile app that consumers want to leverage to spend. We are leveraging this market to bring cryptocurrencies to the general public.
As easy as using Venmo or PayPal, but for crypto transactions.
Verifone’s advanced payment engine was designed to support cryptocurrency transactions and works in the same way as its terminals that accept Venmo or PayPal payments. The only difference is that both physical and online merchants will now be able to accept Bitcoin, Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC) and five dollar-linked stablecoins such as Gemini dollar (GUSD), USD Coin (USDC), Pax Dollar (USDP), Maker DAO (DAI) and Binance USD (BUSD).