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Crypto payment processor BitPay is bringing cryptocurrency payments to point-of-sale devices via a partnership with open commerce platform Poynt.
Under the partnership, BitPay’s cryptocurrency payments will be integrated with Poynt’s Smart Terminal POS at over 100,000 Poynt retailers around the world.
Founded in 2013, Poynt aims to transform the ubiquitous payment terminal into a connected, multi-purpose device that runs third-party apps. Towards this goal, it set out to create an open commerce system to connect merchants, resellers and developers with the hardware, software, tools and services to grow their business.
Poynt OS is an open operating system that can power any smart payment terminal worldwide, create a new app economy for merchants and allow developers to write once and distribute everywhere.
“We’re thrilled to team up with Poynt, who’s proven to be a real driver of point of sale innovation,” said Stephen Pair, BitPay CEO and Co-Founder.
Bitpay was founded in 2011 and offers blockchain payment processing services to transform how businesses and people, send, receive and store money.
BitPay’s blockchain payment rails integrate seamlessly with Poynt’s smart terminals for faster checkout and more secure paying experience as compared to legacy methods like credit cards or cash. Also, consumers can now conveniently pay merchants by simply scanning a QR code at checkout via Poynt’s devices with their preferred currency including Bitcoin, Bitcoin Cash and Ethereum, and three dollar-pegged stablecoins.
“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.”
Poynt, which is backed by Elavon, Google Ventures, Matrix Partners, National Australia Bank, NYCA Partners, and others, recently surpassed $9 billion in gross payment volume in 12 months.
“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,” said Osama Bedier, Poynt Founder and CEO.
“BitPay pioneered blockchain payments and without question they were the company we trusted to bring us into the next generation of payments.”
Meanwhile, in December, BitPay launched stablecoin payments for merchants and consumers around the globe with initial support for Circle’s USD (USDC), Gemini Dollar (GUSD) and Paxos Standard Token (PAX).
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