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Square Expands Bitcoin Payment Options, Bringing Cryptocurrency Acceptance Closer to Mainstream Retail

Square, the payment processing giant founded by Jack Dorsey, has launched a new feature enabling merchants to accept Bitcoin directly at checkout through its point-of-sale (POS) system. This move marks a significant step toward integrating cryptocurrency into everyday commerce, allowing businesses and consumers to transact in Bitcoin with greater ease. As crypto markets continue to evolve, Square's initiative reinforces its position at the forefront of crypto-enabled payments and blockchain adoption.

• Square's Bitcoin payment feature is now available for in-person transactions via its POS terminals.
• Merchants can accept Bitcoin for payments in various forms, including Bitcoin to Bitcoin, Bitcoin to fiat, or fiat to Bitcoin.
• Bitcoin payments will be fee-free until 2027, offering competitive advantages over traditional card payment processing costs.
• Square plans to expand online and invoicing options soon, broadening crypto acceptance beyond physical stores.

Digital payment provider Square has rolled out a new Bitcoin payment feature tailored for retail stores, enabling merchants to accept cryptocurrency at checkout. Co-founder Jack Dorsey announced on social media that users can now receive Bitcoin payments, either converting them immediately or holding onto the cryptocurrency, through Square's platform.

Jack Dorsey, whose company Block owns Square, explained that the new service supports various transaction types, including Bitcoin to Bitcoin, Bitcoin to fiat, fiat to Bitcoin, and traditional fiat-to-fiat payments. Currently, the feature is limited to in-person payments using Square's POS terminals, with online and invoicing functionalities“in the works,” according to Square's account executive, Jacob Szymik.

Importantly, Square has confirmed there will be no fees applied to Bitcoin transactions until 2027, giving businesses an attractive, cost-effective way to enable crypto payments. Once the fee period expires, a fee of 1% is expected, which remains competitive compared to typical credit card processing fees that range from 1.5% to 4%.

Source: Square

Square had previously teased integrating Bitcoin payments last October, when it launched a feature allowing merchants to convert a portion of their daily card sales into Bitcoin. This step toward mainstream adoption aligns with Square's longstanding commitment to supporting cryptocurrency and blockchain innovation, with the company aiming to fully roll out its Bitcoin payments solution by 2026.

Early Adoption and Merchant Reception

More than four million sellers across eight countries-including the U.S., France, the UK, and Japan-are already onboarded with Square's payment solutions. Several early users have reported experiencing Bitcoin payments firsthand. Parker Lewis, head of business development at Bitcoin and fiat payment platform Zaprite, shared that he observed Bitcoin transactions at a Texas-based coffee shop, Medici, where he also paid with Bitcoin himself.

“Great day for Medici and all the Square merchants adopting Bitcoin. It's encouraging to see Bitcoin becoming part of everyday commerce,” Lewis remarked.

Katie Ananina, Chief Marketing Officer at CitizenX, also reflected on the significance of this development, noting she was among the first to pay with Bitcoin at Medici. She highlighted how onboarding merchants to accept Bitcoin has historically been challenging but praised Square's move as a game-changer in reducing barriers to entry for crypto payments.

Recent surveys indicate growing consumer interest in crypto payments. A July YouGov poll revealed that 37% of respondents in the U.S. and U.K. see crypto, including Bitcoin, as a preferred method of payment, supported by advancements in blockchain technology and crypto regulation shaping the future of digital commerce.

Global Bitcoin Merchant Map Launches

Adding to its crypto-friendly innovations, Jack Dorsey shared a post announcing a new interactive map that displays merchants worldwide accepting Bitcoin. Dorsey urged local merchants to activate Bitcoin acceptance, emphasizing the potential for crypto to serve as a hedge against fiat currency devaluation and dollar debasement.

Source: Jack Dorsey

“Encourage your local merchants to enable Bitcoin acceptance with zero fees to help them better withstand fiat debasement,” Dorsey urged.

As Bitcoin continues gaining traction within the global payments landscape, Square's latest developments highlight its strategic push to support mainstream adoption of cryptocurrencies and facilitate their integration into everyday transactions backed by blockchain technology.

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