BARCELONA--(BUSINESS WIRE)--BitPay and Ingenico have announced a new integration that allows brick and mortar stores to accept payment in bitcoin through a traditional point of sale (POS) device. The project is an industry first, allowing a POS terminal device to receive a digital currency payment. While bitcoin is most often used for ecommerce payments, the current Ingenico and BitPay project will make it possible to introduce bitcoin payments to retail merchants on a global scale.
Ingenico and BitPay presented a demo on the 6th of October as part of the Blockchain Week event, which is being held in Barcelona through the 8th of October. 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.
"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,” said Miguel Angel Hernandez, Managing Director of Ingenico Iberia. “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."
"We are excited to partner with Ingenico Group, one of the leading payment processors in both physical and online commerce," said BitPay Executive Chairman Tony Gallippi. "This integration will help us expand bitcoin payments to thousands of retail payment terminals worldwide."
About Ingenico Group
The Group Ingenico (Euronext: FR0000125346 - ING), world leader in global payment systems, provides intelligent, secure and trusted solutions, enriching trade in all channels: store, online and mobile payments. With the world's largest payment network, the Group offers local, national and international secure payment solutions, targeted at both banks and retailers.
BitPay is the global leader in bitcoin payments, with offices throughout North America, Europe, and South America. The company has raised over $32 million from top investors including Index Ventures, Founders Fund, and Sir Richard Branson.