Global Payments Inc. (NYSE: GPN), one of the largest worldwide providers of payment solutions, announced that it has signed a referral agreement with BitPay, the world leader in business solutions for the Bitcoin digital currency. This agreement allows Global Payments to accept cryptocurrency into their product suite and offer Bitcoin payment acceptances to their merchants.
Global Payments Inc. is one of the largest providers of payment solutions worldwide for merchants, value-added resellers, enterprise software providers, financial institutions, government agencies and much more. Global Payments is a Fortune 1000 company that offers a comprehensive line of solutions and services included, but not limited to: credit and debit cards, gift cards, check guarantee and conversion.
David Mangum, the president and CEO of Global Payments made the announcement stating;
“We focus on delivering innovative products and services to our global customer base, and this relationship provides us the ability to offer our merchants an integrated digital currency payment choice... We are pleased to partner with BitPay to provide next-generation payment solutions to our customers.”
It's moves like these that can have a profound impact on the Bitcoin community. Payment Service Providers like BitPay and Coinbase do not offer near as many payment options as traditional PSP. Merchants who wish to begin accepting Bitcoins would have to sign up for BitPay or Coinbase, adding a second PSP to their store. By working with Global Payments, it appears as if merchants can add Bitcoin payment to their already existing account, keeping everything in one place.
Assuming that all Global Payments merchants will have the option to accept bitcoins now, not only will this referral agreement offer simplification and consolidation, but it also reaches a much larger audience than other PSP companies have been able to in the past. It's common belief that Bitcoin faces the following catch 22. The price will stabilize as more merchants start accepting bitcoins, but merchants won't accept bitcoins until the price stabilizes. This could be the next step forward to decreasing the price volatility we see in Bitcoin on a daily basis.
BitPay has been making strides in order to bring on board one million merchants. BitPay has begun to offer free and unlimited transactions. Merchants can sign up for a free plan and are allowed unlimited transactions on their account, instantly converting BTC to USD, daily bank deposits, email support and access to all BitPay's plugins.
While Coinbase, BitPay's strongest competition, has been taking headlines for partnering with Dell and Expedia, BitPay has been working hard not to be left behind. Their recent launch for Git Bits, a Facebook integrated service that allows users to send and receive bitcoins, took the news recently in an attempted to increase Bitcoin circulation.
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