WHOLE FOODS and other major retailers will begin accepting bitcoin payments

WHOLE FOODS and other major retailers will begin accepting bitcoin payments

Whole Foods, Nordstrom and Crate & Barrel can now accept bitcoin and other forms of cryptocurrency payments at their retail stores.

Whole food supermarket accepts bitcoin payment

Whole Foods Supermarket, Nordstrom, Crate & Barrel and many other retailers are now able to accept bitcoin and other forms of cryptocurrency payments.

This new payment method was launched by the payment startup Flexa and Gemini. Gemini is a digital currency exchange operated by Bitcoin advocates Tyler and Cameron Winklevoss brothers.

Tyler Winklevoss pointed out:

"By providing Flexa with a trusted hosting and infrastructure, we hope to significantly improve the payment experience; merchants currently subject to overly complex and expensive credit card and debit card legacy systems will benefit significantly."

The solution is based on integration between payment terminals and accepts mobile payments through Flexa applications. Participating stores include:

It is worth noting that all cryptocurrencies stored in the SPEDN mobile app are kept by Gemini. While this seems to run counter to the spirit of Bitcoin, novice users may be more willing to accept such third-party arrangements, at least initially.

Merchants won't know that you are paying with BTC

Consumers use the app to complete the payment. Since the payment method is transparent, the store cashier does not know that it is paid using cryptocurrency. Ultimately, merchants can choose their payment method—either legal or cryptocurrency.

This is the first easy-to-use solution for consumers who want to shop in cryptocurrency. Currently, users can use four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum and Stabilizer Gemini Dollar.

This statement is seen as an important step in the global spread of Bitcoin, although many people have been opposed. In addition, it provides a safer way to sell transactions on a credit card in the event of a hacker.

Tyler also explained the benefits for those who started accepting BTC payments. He explained that the merchant would:

(i) greatly reduce transaction costs and prevent fraud;

(ii) The same payment hardware as the current one can be used without replacement;

(iii) The final payment for the merchant is legal currency instead of cryptocurrency.

We believe that this will not only save costs for the business, but also save costs for consumers in the long run.

Will Amazon be the next one?

Since the Whole Foods Supermarket is owned by Amazon, will this online retail giant be the next company to accept Bitcoin payments? You can already buy goods on Amazon using third-party solutions such as Bitcoin and Bitcoin recharge cards and gift cards. .

However, it should be noted that all solutions, including Flexa, rely on third-party services. Of course, this means that the retailer does not actually accept Bitcoin directly, although this is not important in terms of user experience.

However, if people start to use more cryptocurrencies, it may make sense for these retail giants to accept bitcoin payments directly. In addition, open source software like BTCPayserver allows you to process transactions yourself, which greatly reduces operating costs and reliance on third parties.