Square, the payments processor owned by Jack Dorsey’s Block Inc., has launched a new feature enabling local businesses to accept Bitcoin at the point of sale and hold the digital asset in an integrated wallet — a move that could help advance Bitcoin’s use as a medium of exchange.
Announced Square Bitcoin, a new offering that was launched on Wednesday allows retailers to accept Bitcoin.BTCSquare will waive processing fees through 2026, and a 1% transaction fee is set to take effect on Jan. 1, 2027. Square waives processing fees up to 2026. However, a transaction fee of 1% will be implemented on January 1, 2027.
Square offers a wallet for merchants where they store Bitcoin. From there, the can buy, trade or withdraw it. Only US sellers are eligible to use the service, with New York State excluded. International merchants cannot access it.
Square data shows that more than four million merchants are using its payments platform.
Square’s acceptance of Bitcoin was not unexpected. Square had announced its plans for Bitcoin before. roll out the service by 2026Block Inc. has a broader cryptocurrency strategy, which is aligned with this move. vision of CEO Jack Dorsey, a longtime Bitcoin advocate.
Dorsey has previously integrated Bitcoin payment and trading in Cash AppBlock is a peer-to-peer payment service. Block also spearheaded the development of an open-source Bitcoin mining system Reduce costs in energy-intensive industries such as mining
Block Inc. holds 8,692 BTC, which makes it the 13th biggest Bitcoin owner in public, worldwide. data.
Related: Jack Dorsey’s Block to join S&P 500, stock surges 9% after-hours
The focus is on cryptocurrency payments
Payments using cryptocurrency are returning to prominence, thanks to a favorable regulatory climate in the United States as well as the growing acceptance of digital assets in general.
Square cited eMarketer’s research indicating that US Crypto Payment usage will grow by 82% in 2024-26.
You can also find out more about the A-Team here. recent YouGov survey Consumers in the United Kingdom and the United States are increasingly embracing cryptocurrency for payment purposes. In addition, the study noted that artificial intelligence advances could speed up adoption as new AI tools incorporate financial and transactional abilities.
The announcement is in line with the broader trend of AI agents accepting and initiating cryptocurrency transactions. Google announced its new cryptocurrency, Stablecoins. Agent Payments Protocol This project aims at facilitating this change, by positioning cryptocurrency as an important component of AI-driven economies.
PayPal, the payment giant is a expanding its peer-to-peer crypto offeringsUsers can send and receive payment using Bitcoin or Ether.ETHThe stablecoin is pegged to the US dollar and has been named PYUSD.PYUSD).
Related: Crypto payments abroad may be legal despite domestic bans in several countries
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Source: cointelegraph.com
