BitPay and Ingenico have formed a partnership that allows brick and mortar stores to accept payment in bitcoin through a traditional point of sale (POS) device.
The project permits a POS terminal device to receive a digital currency payment. Although bitcoin is right now mostly used for ecommerce payments, the current Ingenico and BitPay project will make it possible to introduce bitcoin payments to retail merchants globally.
Ingenico and BitPay presented a demo on the October 6th as part of the Blockchain Week event in Barcelona, which is be held through October 8th.
Miguel Angel Hernandez, Managing Director of Ingenico Iberia, explained:
At Ingenico our mission is to be at the forefront of any payment method and to provide secure transactions for both the merchant and the end customer. Participating in such an important project has allowed Ingenico Group to demonstrate its leadership in the payment space and bring a safe and secure payment method like virtual currency to the end user.
BitPay Executive Chairman Tony Gallippi added:
We are excited to partner with Ingenico Group, one of the leading payment processors in both physical and online commerce. This integration will help us expand bitcoin payments to thousands of retail payment terminals worldwide.
The bitcoin payment integration has been developed by BitPay and installed on an Ingenico terminal ICT250. Customers can pay using bitcoin in three simple steps. First, the merchant enters the amount of the order in his local currency. The device shows a QR code with the corresponding bitcoin amount, which the customer then scans to pay with his mobile phone.