Square rolls out Bitcoin payments at POS for eligible US merchants
Rolling out over the coming month, a Block executive said Bitcoin payments at point-of-sale will be automatically enabled and settled in US dollars by default.
Block's Square payment platform is automatically enabling Bitcoin payments at point-of-sale terminals for eligible US merchants over the coming month, according to a company executive. The feature will be rolled out gradually and will settle transactions in US dollars by default, allowing businesses to accept Bitcoin without directly handling the cryptocurrency.
Square, which rebranded to Block in 2021, has been expanding its cryptocurrency offerings since first adding Bitcoin trading to its Cash App in 2018. The company previously allowed merchants to manually enable Bitcoin payments, but the new automatic rollout represents a significant expansion of crypto payment adoption at the retail level. CEO Jack Dorsey has been a vocal Bitcoin advocate, positioning the company as a major player in mainstream cryptocurrency adoption.
The automatic enablement of Bitcoin payments could accelerate merchant adoption of cryptocurrency transactions, as businesses will no longer need to actively opt-in to accept digital currency payments. By settling in US dollars, Square removes the volatility concern that has historically deterred merchants from accepting Bitcoin directly. This move comes as traditional payment processors increasingly integrate cryptocurrency options to compete in the evolving digital payments landscape.
The rollout timing and merchant eligibility criteria will be closely watched by industry observers, as will transaction volumes and merchant feedback during the initial deployment phase.
Source: Cointelegraph
