Square Bitcoin payments go live with Lightning support and fiat settlement
Offering merchants a choice of digital or traditional currencies aims to make crypto payments more accessible for everyday retail transactions.
Key Takeaways
- Square merchants can now accept payments in Bitcoin or fiat currency through the point-of-sale system.
- Bitcoin payments are enabled via the Lightning Network, ensuring fast and efficient processing.
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Square, a payments platform under Block Inc., now allows merchants to receive payments in Bitcoin or traditional fiat currency through its point-of-sale system. The new feature gives sellers flexibility in choosing their preferred settlement method for customer transactions.
Square’s Bitcoin payment feature uses Lightning Network for near-real-time settlements, allowing merchants to process cryptocurrency alongside credit cards and digital wallets. The integration enables sellers to accept Bitcoin payments while choosing whether to receive funds in crypto or convert them to fiat currency.
Jack Dorsey, co-founder of Square and Bitcoin advocate, has encouraged Square users to promote Bitcoin acceptance among sellers, highlighting its potential for global merchant integration.
The payment option represents Square’s continued integration of crypto assets into mainstream commerce infrastructure, giving merchants more flexibility in how they receive and manage transaction proceeds.
