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’s new Square Bitcoin offer allows for merchants to take Bitcoin on Wednesday (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 Bitcoins and can buy, withdraw or sell them. 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 adoption of Bitcoin wasn’t a surprise. Square had announced its plans for Bitcoin before. roll out the service by 2026The move is in line with Block Inc.’s overall crypto strategy. vision of CEO Jack Dorsey, a longtime Bitcoin advocate.
Dorsey had previously integrated Bitcoin payments and trading into 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. has 8,692 BTC in its account, making it the world’s 13th largest Bitcoin investor. data.
Related: Jack Dorsey’s Block to join S&P 500, stock surges 9% after-hours
Focus on crypto payments
Cryptocurrency payments are once again in the spotlight. This is due to an improved regulatory environment in America and the increasing recognition of digital asset classes as legitimate assets.
Square cited eMarketer’s research indicating that US Crypto Payment usage will grow by 82% in 2024-2026.
The following are some of the ways to get in touch with each other recent YouGov survey The study found that cryptocurrency is increasingly being used for payments by consumers in both the United States and United Kingdom. According to the report, advances in artificial intelligent could also accelerate adoption of cryptocurrency as AI-based tools are integrating financial and transactions capabilities.
Google’s newly announced AI agent is expected to initiate and accept cryptocurrency transactions. Google announced today that it will be launching a new cryptocurrency called stablecoins. Agent Payments Protocol The aim is to help facilitate this transition by positioning cryptography as a critical component in the AI-driven economic system.
PayPal, the payment giant is a expanding its peer-to-peer crypto offeringsUsers can send and receive payment using Bitcoin or Ether.ETHIts US Dollar-pegged stablecoin, PYUSD.PYUSD).
Related: Crypto payments abroad may be legal despite domestic bans in several countries
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Source: cointelegraph.com
