When it comes to the payment processing industry, one of the most interesting trends that has been picking up steam in recent months is the use of bitcoin. This is the peer-to-peer payment system that is based on digital currency. As a global system, no interchange is required when traveling around the world.
Any use of bitcoin has been small in the commercial landscape, which has been fueled by security concerns, user uncertainty and price volatility. However, it was announced this week that one big player in the retail payment industry is getting on board the bitcoin bandwagon.
According to a press release from Revel Systems, the San Francisco-based iPad point-of-view provider will begin allowing merchants to accept bitcoin at more than 7,000 terminals.
"As the standard in point-of-sale, we like to provide our customers with more ways to take advantage of consumer payment trends and supply a platform in which to take them, and that includes configuring our system to accept bitcoin," said Revel Systems CTO and co-founder Chris Ciabarra.
He added that he believes that the use of digital currencies will be the "wave of the future" and they are getting ahead of the competition with their updated app in the Android and Apple app stores.
This could be the first step in the future of the payment industry. Bitcoin is a hot topic, but its expansion into larger retailers will take time if it is to take off at all. With the help of a retail solution provider, any organization can stay abreast of the situation and adopt bitcoin if it becomes a valuable tool.