BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, partnered with Ripple/Xpring in October 2019. As part of the partnership, BitPay would natively support XRP, which would enable thousands of businesses to accept XRP for payments through BitPay’s merchant processing platform.
A few months later, in January 2020, BitPay announced the launch of XRP payments and cross-border transfers with added support for XRP to the BitPay Wallet app. E-commerce site eGifter and international non-profit CARE, were among the first onboard.
BitPay – Poynt partnership
A few weeks later, the BitPay partnership brings more positive news for Ripple and XRP. According to a press release, BitPay’s Bitcoin and cryptocurrency payments will be integrated 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. 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.
The partnership between Ripple and BitPay seems to have already created quite an impact and it will be exciting to watch out for more developments in the future.