Worldpay, already processing about $15 billion in credit and debit purchases of cryptocurrencies, is moving forward with additional plans to support crypto. The company is launching a new product this summer to allow acceptance of fiat currency to convert into stablecoins, and is in development for a second product to allow merchants to accept crypto payments with the option to convert those payments immediately back to fiat currency. As Tomio Geron reports in Protocol:
“It’s planning to leverage those relationships to move beyond allowing consumers to buy crypto with credit or debit cards, its primary crypto business at present. With a big bet on stablecoins, Worldpay is hoping to mainstream crypto payments with two new products it’s readying for release.”
Worldpay currently works with crypto exchanges Binance, Coinbase, Crypto.com, and OKEx, and has a network of more than 1 million merchants, highlighting the potential depth of both services once consumers show the willingness to spend crypto. Final details, including merchant fees, are still to be determined.
Overview by Jordan Hirschfield, Director of Research at Mercator Advisory Group