BitPay and Poynt bring Cryptocurrency Payments at Point of Sale at a large scale

BitPay and Poynt bring Cryptocurrency Payments at Point of Sale at a large scale

BitPay and Poynt are bringing Bitcoin and cryptocurrency payments at Point of Sale.

Poynt has more than 100,000 Smart Terminal point-of-sale devices at retailers around the world. The integration of BitPay’s Bitcoin-based payment services to those retail terminals now. This is a huge boost not only for BitPay and Poynt but also to the whole cryptocurrency ecosystem. It is now possible to make Bitcoin and other cryptocurrency payments at the point of sale retail terminals.

Founded in 2013, Poynt is an open commerce platform power any smart payment terminal worldwide with its Poynt OS. Poynt recently surpassed nine billion dollars in gross payment volume in a twelve-month period. BitPay was founded in 2011 and offers its customers BitPay wallet and BitPay Prepaid Visa Card issued by Metropolitan Commercial Bank. The company has raised $72.5 Million in six funding rounds to date, according to CrunchBase.

Executive Opinion

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. It’s a massive growth opportunity for BitPay and an important milestone in our now nine-year mission to make payments faster, more secure and less expensive for people and businesses."

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 and without question they were the company we trusted to bring us into the next generation of payments."

BitPay and Poynt's point-of-sale terminals

It is now possible for consumers at retailers to pay in terms of Bitcoin, Bitcoin Cash, Ethereum, and three dollar-pegged stablecoins. Poynt's point-of-sale terminals will display QR code at checkout for seamless crypto payments.

The processor of more than a billion dollars in Bitcoin and cryptocurrency e-commerce annually, the deal gains BitPay an entry to in-store payments for the first time on a large scale, notes the announcement.

Update: This post is updated to correct title text and title image.

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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