Bitcoin continues to gain momentum in the retail space
One of the most powerful trends to emerge in the retail space recently is making the purchase process more convenient for shoppers. A growing number of retailers are beginning to embrace mobile commerce, hoping to streamline the checkout process and make it possible for consumers to get into a physical store and complete their shopping faster than ever before. As mobile shopping grows in popularity, so too is digital currency, such as Bitcoin. This currency is seen as massively convenient , which could make it a powerful mobile commerce tool.
BitPay teams with SumUp to develop new mobile app
BitPay, one of the leading Bitcoin payment processors, is working to make paying with Bitcoin more simpler than it already is. The organization wants to see Bitcoin become more convenient for consumers, but also more attractive for merchants interested in the digital space. In order to do so, BitPay has partnered with SumUp, a developer of point-of-sale systems that accept Bitcoin payments as well as payments made with conventional currencies. Together, the two organizations are developing a new mobile application that will help merchants better connect with consumers.
Demand for Bitcoin payment services is on the rise
Bitcoin is gaining more attention in the mobile commerce space because of its high value and versatility. While the digital currency is somewhat volatile due to the lack of regulation policing it, consumers have shown significant interest in using this currency to purchase products online. Bitcoin has been moving into the physical world at a rapid pace as well, with a growing number of merchants accepting this currency in their stores. The demand for payment solutions that accept Bitcoin payments has grown significantly as a result.
New app will leverage NFC technology rather than QR codes
The new app being developed by BitPay and SumUp will be based on NFC technology. For years, Bitcoin payments were largely handled through the use of QR codes. These codes have to be scanned with a mobile device in order to initiate a transaction. Using NFC technology, however, a shopper can simply tap their phone to a point-of-sale system and finalize a payment in a matter of seconds.