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"There are over 65 crypto platforms and exchanges that
have partnered to issue Visa credentials."
Just 15 percent of merchants
surveyed by Paysafe said they don't Off the rails
ever expect to accept crypto Belostock said using native crypto wallets to initiate
payments is a more streamlined process than using crypto
payments, while 48 percent are cards. These solutions bypass the card network rails,
committed to accepting crypto instead processing through crypto gateways. There are
many, with BitPay and Coinbase among the most popular.
payments, and fast.
Wubbels agreed. With native wallets, it takes just two to
three steps to complete a transaction, she noted, compared
to six steps in a card transaction, with fees collected along
"You can see why: digital assets hold the potential for the way. "As merchants begin to better understand crypto,
businesses to reduce transfer fees, improve security and they're probably going to want this option," Wubbels said.
speed up transaction times," Ramoino said.
Verifone recently partnered with BitPay to support this
James Shepherd, president of CCSales Pro, added, "The approach to crypto payments. Founded in 2011, Bitpay
idea that businesses want to accept crypto payments boasts being the world's largest provider of cryptocurrency
should be generating a lot of interest from our industry." payment services. It even offers a crypto Mastercard debit
card that can be used to convert crypto assets to dollars
Eric Brown, founder and CEO of CryptoBucks and Aliant for spending.
Payments, expects crypto payments to be commonplace
within three to five years. "It's a land grab now," he said. The partnership with Verifone enables merchants to
Crypto cards accept crypto payments in-store directly, using a Verifone
Engage terminal, or online using Verifone cloud services,
Patti Wubbels, senior vice president in the crypto advisory without the need to set up BitPay accounts. Consumers use
team at the consultancy SRM, sees several iterations of their preferred crypto wallets to scan on-screen QR codes
crypto in the retail payments space. The most prominent to complete transactions, and BitPay converts the crypto to
are credit and debit cards tied to crypto wallets, commonly dollars on the backend in real time. "It's fast, it's secure and
known as crypto cards. There also are credit and debit it's intuitive," Belostock said, adding that the arrangement
cards that feature crypto rewards programs, where the currently supports transactions in 15 cryptocurrencies,
cardholder receives cash back in select cryptocurrencies, with more coming.
like Bitcoin or Ethereum.
The official roll out of crypto acceptance was last fall, but
But crypto cards can be a clunky way to pay, because the Verifone is gearing up for a big push this year. "There
cards merely link to crypto wallets. "The cardholder has is a lot of demand out there, but we're still in early days
to liquidate their crypto first onto their card," explained for rollouts," Belostock said. "We're primarily in the
Jeremy Belostock, head of advanced payment methods at educational and evangelical stage now, but I think this year
Verifone. we'll see both large and small merchants accepting crypto
payments." He said the company has seen interest across
Both Visa and Mastercard are gung-ho on crypto cards verticals, including QSRs, big box stores, restaurants and
since they use the card network rails to process payments. even movie theaters.
Both companies have inked agreements with crypto
wallet providers and financial institutions to get crypto Belostock suggested Verifone is well-positioned to help
cards into consumer's digital wallets. drive merchant adoption. "We have a significant footprint
with both larger and smaller merchants, and can drive
They also are looking beyond cards. Each has set up crypto ubiquity," he said. Verifone will sell the solution primarily
advisory services for financial services firms. Each also to its portfolio of large merchant accounts, and ISOs and
has initiatives involving stablecoins—cryptocurrencies agents are signing on to sell crypto acceptance to small
pegged to fiat currencies, like the U.S. Dollar or the Euro, and midsize merchants, he noted. "We're getting calls
which makes them less vulnerable to price fluctuations. from ISOs every week," he added.
In 2021, Visa became the first to settle payments in U.S.
Dollar Coin, doing so to support payments using Crypto. Getting merchants onboarded and accepting crypto
com Visa cards. payments isn't as quick or simple as it is for card acceptance,
however. It takes more time as the underwriting, security
"We are also providing on-ramps for crypto players, protocols and other steps can be complex, Belostock noted.
creating connectivity with fiat economies," Visa CEO Al
Kelly said in a January earnings call.

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