Gr4vy and BitPay help merchants accept crypto

Cloud-native payment company Gr4vy has partnered with BitPay to help merchants accept crypto payments through BitPay’s payment tool.

The collaboration will allow merchants to use Gr4vy’s platform to offer BitPay’s crypto payment options without assuming additional crypto risk, fear of chargebacks, fraud or high transaction fees, the company said in a statement. press release Tuesday, September 20.

“Consumers today continue to demand alternative payment methods,” said Gra4vy CEO and Founder John Lunn.
“Merchants looking to stay competitive can no longer afford not to offer various payment methods, like crypto, or they will find customers opting for merchants that meet their payment needs. Merchants have also started to think to their Web3 strategy, making the ability to offer and accept crypto payments more critical as they look to the future.”

Recent research from PYMNTS found that the number of merchants accepting cryptocurrency payments in certain variations is high, although by far the most common source of such payments is digital wallets like PayPal and Venmo.

See also: 46% of merchants say they accept crypto, but non-native wallets rule

But acceptance of crypto wallets is growing in stores, with nearly 40% of those merchants saying they can accept them at point-of-sale (POS), according to the Paying With Crypto report, a collaboration between PYMNTS and BitPay.

Both online and in-store, 93.5% of merchants said the most common way customers pay for goods or services was through these larger digital wallets, while only 6.5% said said crypto-specific digital wallets were preferred.

BitPay and Gr4vy say their partnership allows merchants using Gr4vy’s platform to instantly add BitPay to their codeless payment stack and accept crypto payments through the BitPay checkout in 15 different cryptocurrencies, including ApeCOin , Bitcoin and Bitcoin Cash, Dogecoin and Ethereum, as well as five USD – pegged stablecoins (BUSD, DAI, GUSD, USDP and USDC) and one euro-backed stablecoin (EUROC).

Learn more: Trustly, Gr4vy Ink Deal for Open Banking Payment Services

In June, Gr4vy formed a partnership with global account-to-account open banking provider Trustly, adding Trustly as an option to its payment platform.

The companies said the deal provides merchants using the Gr4vy platform with a cheaper method of accepting payments and at a higher approval rate than with traditional platforms.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

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