Developements

The first Major POS solution was implemented by Bitpay in Canada

Payment solutions with bitcoin through Bitpay

A Canadian luxury fine jewelry brand, Birks Group, is now accepting Bitcoin for payments at eight of their stores across the country. Birks Group has gotten into a partnership with Bitpay which will start processing Bitcoin transactions made by consumers to buy goods and services.

Birks Group has been leading in the luxury jewelry sector in Canada since 1879. The company has now joined the cryptocurrency market by accepting Bitcoin as a payment method.

According to the company, Bitpay processes transactions much faster and easier than most payment processors using fiat systems. The President and Chief Executive officer of Birks Group, Jean-Christophe Bedos stated:

“It is great significance to Birks Group to launch Bitpay. As an internationally growing brand, we believe that Bitpay will benefit our customers as we look to align ourselves with these innovative capabilities that are on the forefront of technology.”

Bitpay is a leader in the market dedicated to bringing brick and mortar merchants ahead of the curve and closer to the future of decentralized payment systems. The partnership between Birks Group and Bitpay will be focused on making Blockchain payment options from a direct point-of-sale integration to the web and mobile apps. According to  the Chief Commercial Officer of Bitpay Sonny Singh;

“Birks Group has a large number of international shoppers so allowing them to pay in bitcoin makes perfect sense. Accepting bitcoin helps Birks Group to cater to their high-end international clients and get new customers while providing an innovative and safe payment option.”

According to reports coming from the jewelry retailer, they will be accepting bitcoin payments in 8 selected stores, which will make it one of the first major implementations of Bitpay’s point-of-sale solutions in Canada.

The Bitcoin network allows for large amounts of transactions to be transmitted across the network, which makes this a great benefit for luxury brands. A high-end jewelry company in Amsterdam called Ace Jewelers Group also partnered with Bitpay back in 2016 making them one of the first European jeweler’s to accept Bitcoins.

The markets are heading towards future of finance

Bitpay’s Sonny Singh recently told Bloomberg’s Emily Chang that Bitcoin may surge towards the  $15,000 to $20,000 over the next year.  Singh thinks that the next Bitcoin market movement will be based on Blackrock, Fidelity, the Bakkt platform and Square as the potential head drivers.

Bitpay currently has offices in North America, Europe, and South America with more than $70 million raised from investors. The firm has suffered some recent alarming threat in the form of malicious code, malware was deployed on versions 5.0.2 to version 5.1.0 with Copay and Bitpay apps.

However, the team is investigating whether any Copay users were suffered from attacks pertaining to the malicious code.

What is your opinion on these future market solutions? Please feel free to leave a comment down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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