Partnership Enables Cryptocurrency Payments at Point of Sale
Atlanta, GA, Feb. 11, 2020 (GLOBE NEWSWIRE) -- BitPay, the world’s largest provider of blockchain payment services, together with Poynt, the world’s first open commerce platform, today announced the integration of BitPay’s Bitcoin and cryptocurrency payments with Poynt’s Smart Terminal point-of-sale devices at more than 100,000 Poynt retailers worldwide.
With just the scan of a QR code at checkout, consumers can now pay merchants using Poynt’s devices with the currency of their choice, including Bitcoin, Bitcoin Cash, Ethereum, and three dollar-pegged stablecoins. BitPay’s blockchain payment rails integrate seamlessly with Poynt’s smart terminals to make the checkout experience quicker, easier and more secure than paying with legacy methods like credit cards or cash.
On the partnership, BitPay CEO and Co-Founder Stephen Pair said, “We’re thrilled to team up with Poynt, who’s proven to be a real driver of point of sale innovation.”
Processor of more than a billion dollars in Bitcoin and cryptocurrency e-commerce annually, the deal gains BitPay entry to in-store payments for the first time on a large scale.
“It’s a massive growth opportunity for BitPay,” Pair said, “and an important milestone in our now nine-year mission to make payments faster, more secure and less expensive for people and businesses.”
On expanding payment options to include Bitcoin and cryptocurrency, Poynt Founder and CEO Osama Bedier said, “Poynt was built on the idea of open commerce. Poynt OS lays the foundation for developers and merchants to collaborate and drive limitless growth. The addition of open-source, decentralized currencies like Bitcoin is a natural fit in our open-commerce environment.”
“BitPay pioneered blockchain payments,” Bedier added, “and without question they were the company we trusted to bring us into the next generation of payments.”
Poynt recently surpassed nine billion dollars in gross payment volume in a twelve-month period, and continues to grow at a rapid pace. The company expects the expanded payment options, through their partnership with BitPay, to contribute to that trend continuing.
Poynt is a revolutionary open commerce platform empowering merchants with software and services to transform their business. Founded in 2013, Poynt reimagined the ubiquitous payment terminal into a connected, multi-purpose device that runs third-party apps. As smart terminals become mainstream, Poynt OS is an open operating system that can power any smart payment terminal worldwide, creating a new app economy for merchants and allowing developers to write once and distribute everywhere. Poynt is headquartered in Palo Alto, Calif., with international headquarters in Singapore, and is backed by Elavon, Google Ventures, Matrix Partners, National Australia Bank, NYCA Partners, Oak HC/FT Partners, Stanford-StartX Fund, and Webb Investment Network. Find out more at poynt.com
Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency and fiat, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Visa® Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Commercial Bank” are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule if any.