BitPay, a leading Atlanta-based Bitcoin (BTC) payments processor established in 2011, has joined forces with Poynt, a Palo Alto-based point-of-sales (POS) terminal maker, to simplify crypto payments and make it available at more than 100,000 retail locations around the world, according to a Finextra report on February 11, 2020.
Bitcoin Payments Everywhere You Go
While Bitcoin, altcoins and the underlying distributed ledger technology (DLT) are rapidly transforming the financial ecosystem and ushering in a whole new world of decentralized finance (DeFi), these nascent technologies are yet to fully gain mainstream adoption and it appears BitPay and Poynt are now set to fix the missing piece of the puzzle.
Per sources close to the matter, BitPay, a highly reputed American Bitcoin payments processor has forged alliances with Poynt, an open commerce platform that claims to be empowering merchants with the software and hardware devices they need to transform their businesses.
Reportedly, the new BitPay-Point partnership will make it possible for crypto hodlers from across the globe to easily pay with bitcoin (BTC), ether (ETH), bitcoin cash and three stablecoins at various retail outlets by simply scanning a QR code at checkout.
Quicker and More Secure Payments
Importantly, BitPay has made it clear that its crypto payment systems have been integrated into Poynt’s smart terminals, to offer users a frictionless, faster, and more secure payments experience than traditional methods such as credit cards or fiat currency.
Commenting on the new partnership, Stephen Pair, CEO of Bitpay reiterated that the new alliance represents a significant milestone for the firm.
“It’s a massive growth opportunity for BitPay and an important milestone in our nine-year mission to make payments faster, more secure and less expensive for people and businesses.”
Osama Bedier, CEO of Poynt also noted that the integration of cryptos into its processes is a forward-thinking maneuver since its inline with its open-commerce business model.
“The addition of open-source, decentralized currencies like Bitcoin is a natural fit in our open-commerce environment.”
BitPay remains one of the bitcoin-linked businesses that have remained solid over the years despite the nascent and super volatile nature of digital assets.
As reported by BTCManager in October 2019, Bitpay completed its Service Organization Control 2 (SOC 2) review from Aprio, an independent auditing firm.
Last December, BitPay added support for three top stablecoins, including USD Coin (USDC), Gemini Dollar (GUSD) and Paxos Standard Token (PAX), to enable merchants to mitigate the challenge of crypto volatility.