Square Now Lets Sellers Accept Bitcoin Payments Effortlessly

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Square expands Bitcoin payment options, bringing crypto acceptance closer to mainstream retailers

Square, the payment processing giant founded by Jack Dorsey, has launched a new feature that allows retailers to accept Bitcoin directly at checkout through their point of sale (POS) system. This move marks a significant step toward integrating cryptocurrencies into everyday commerce, allowing businesses and consumers to more easily transact with Bitcoin. As the crypto market continues to evolve, Square’s efforts strengthen its position at the forefront of crypto-enabled payments and blockchain adoption.

  • Square’s Bitcoin payment feature is now available for in-person transactions through POS terminals.
  • Merchants can accept Bitcoin for payment in various forms, including Bitcoin to Bitcoin, Bitcoin to Fiat, or Fiat to Bitcoin.
  • Bitcoin payments will be fee-free until 2027, providing a competitive advantage compared to traditional card payment processing costs.
  • Square plans to expand its online and invoicing options and accept cryptocurrencies beyond brick-and-mortar stores in the near future.

Digital payments provider Square has rolled out a new Bitcoin payment feature tailored for retailers, allowing them to accept the cryptocurrency at checkout. Co-founder Jack Dorsey announced on social media that users can now receive Bitcoin payments through Square’s platform and instantly exchange or hold the cryptocurrency.

Jack Dorsey, whose company Block owns Square, explained that the new service supports a variety of transaction types, including Bitcoin-to-Bitcoin, Bitcoin-to-Fiat, fiat-to-Bitcoin, and traditional fiat-to-fiat payments. Jacob Szymik, an account executive at Square, said the feature is currently limited to in-person payments using Square’s point-of-sale terminals, with online and invoicing capabilities “in the works.”

Importantly, Square has confirmed that no fees will be applied to Bitcoin transactions until 2027, giving businesses an attractive and cost-effective way to enable crypto payments. Once the fee period ends, you can expect to incur a 1% fee, which is still competitive compared to typical credit card processing fees of 1.5% to 4%.

sauce: square

Square previously hinted at integrating Bitcoin payments last October, when it launched a feature that allowed merchants to convert a portion of their daily card sales into Bitcoin. This step toward mainstream adoption is in line with Square’s long-standing commitment to supporting cryptocurrency and blockchain innovation, as the company aims to fully deploy its Bitcoin payments solution by 2026.

Early adoption and seller acceptance

More than 4 million merchants in eight countries, including the US, France, UK, and Japan, have already adopted Square’s payment solutions. Some early users have reported experiencing Bitcoin payments first-hand. Parker Lewis, head of business development at Bitcoin and fiat payment platform Zaprito, said he observed Bitcoin transactions at the Texas-based coffee shop Medici, where he also made payments with Bitcoin.

“It’s a great day for Medici and all Square merchants who have adopted Bitcoin. It’s encouraging to see Bitcoin becoming a part of everyday commerce,” Lewis said.

Katie Ananina, Chief Marketing Officer at CitizenX, also reflected on the significance of this development, noting that she was one of the first to pay with Bitcoin on Medici. She highlighted how onboarding merchants that accept Bitcoin has historically been difficult, but praised Square’s move as a game-changer in terms of reducing the barrier to entry for cryptocurrency payments.

“Getting merchants to accept Bitcoin has long been difficult. Today’s move by Square makes it much easier for businesses to adopt and support Bitcoin. This is a truly historic milestone,” Ananina said.

Recent research shows that consumer interest in cryptocurrency payments is increasing. A July YouGov poll found that 37% of respondents in the US and UK believe cryptocurrencies, including Bitcoin, are the preferred payment method, supported by advances in blockchain technology and crypto regulation that will shape the future of digital commerce.

Launch of Global Bitcoin Merchant Map

In addition to cryptocurrency-friendly innovations, Jack Dorsey shared a post announcing a new interactive map displaying merchants around the world that accept Bitcoin. Dorsey urged local merchants to ramp up their acceptance of Bitcoin, highlighting the cryptocurrency’s potential to act as a hedge against fiat currency devaluation and a weaker dollar.

Square Now Lets Sellers Accept Bitcoin Payments EffortlesslySquare Now Lets Sellers Accept Bitcoin Payments Effortlessly
sauce: jack dorsey

“Encourage your local merchants to accept Bitcoin with zero fees so they can withstand the decline in the value of fiat currencies,” Dorsey said.

As Bitcoin continues to gain momentum in the global payments landscape, Square’s latest developments highlight the company’s strategic push to support mainstream adoption of cryptocurrencies and accelerate their integration into everyday transactions powered by blockchain technology.

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