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Shift4 Payments Inc. early Monday gave cryptocurrency a big shot in the arm as a payment option with the announcement it will support digital currencies across its merchant network.
Shift4 will support coins including Bitcoin, Ethereum, and Solana SOL, as well as US Dollar Coin and other major stablecoins, the company said, and will convert all cryptocurrency transactions into dollars upon settlement. The processor plans to roll out crypto acceptance to its merchants in stages across its product lines and business verticals.
Two merchants in Shift4’s portfolio that will be offering cryptocurrency as a payment option are Tao Group Hospitality, developer, owner, and operator of restaurants, nightclubs, lounges, and daylife venues in more than 20 markets worldwide, and Blade Air Mobility Inc., a provider of helicopter-transportation services.
Shift4’s support for cryptocurrency is significant as it marks the entry of a major processor into the market for cryptocurrency as a payment option, experts note. “This is a positive shift for crypto that will continue,” says Cliff Gray, principal at Gray Consulting. “The demand for crypto [as a payment option] is growing, especially among younger consumers that not only support it, but know how to use it. That’s attractive to merchants and processors.”
Shift4 acknowledges growing demand for acceptance at the point of sale is what prompted it to support digital currency.
“As crypto becomes more prevalent for various use cases, we have seen demand increase from both merchants and consumers for a seamless solution to accept cryptocurrency as a form of payment,” a Shift4 spokesperson says by email. “It’s our goal to enable commerce for our merchants, whether online or in-person, regardless of payment method.”
Shuft4 developed its platform for cryptocurrency in conjunction with Mesh Connect Inc., a financial-services company that supports the transfer of digital assets, including cryptocurrency, stocks, and non-fungible tokens across more than 300 digital-currency exchanges and wallets.
Other than Shift4, the only other prominent processor known to support cryptocurrency as a payment option is Stripe Inc., which earlier this month announced it now supports acceptance of USD Coin, a stablecoin that settles transactions in U.S. dollars. Stripe strengthened its hand in the cryptocurrency market last week with the acquisition of stablecoin platform Bridge for a reported $1.1. billion.
“This is the beginning of a trend toward cryptocurrency acceptance,” Gray says. “I see this curve continuing upward on a steep incline.”
