Key takeaways
- Square merchants can now accept payments in Bitcoin or fiat currency through the checkout system.
- Bitcoin payments are enabled through the Lightning Network, ensuring fast and efficient processing.
Square, a payments platform under Block Inc., now allows merchants to accept payments in Bitcoin or traditional fiat currency through its checkout system. The new feature gives merchants the flexibility to choose their preferred settlement method for customer transactions.
Square’s Bitcoin payments feature uses the Lightning Network for near-real-time settlements, allowing merchants to process cryptocurrency alongside credit cards and digital wallets. The integration allows merchants to accept Bitcoin payments while choosing whether to receive funds in crypto or convert them to fiat currency.
Square co-founder and Bitcoin advocate Jack Dorsey has encouraged Square users to promote Bitcoin acceptance among merchants, highlighting its potential for global commerce 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 revenue.
