On May 19th, 2022, Lavu announced a partnership with Verifone in a mission to offer crypto-focused payment solutions. The partnership will bring a vast array of restaurant payment options to about 65 countries globally. This means that thousands of restaurants can now accept crypto-asset payments easily.
Lavu Partners With Verifone
In a press release, Lavu announced their newly founded collaboration with Verifone. The partnership is targeted at expanding Lavu’s reach and its ability to provide many different payment options. According to the release, the first product coming with the partnership is the Verifone Engage e285 device with Lavus POS solutions.
When talking about the partnership, Saleem S. Khatri, the CEO of Lavu, said,
“The partnership with Verifone advances our mission to help even more restaurants reach new customer segments and remain profitable during an increasingly challenging time.”
Tim O’Loughlin, the President and EVP of Verifone, also highlighted that this new collaboration is exciting. According to Tim, the aim is to provide an “unparalleled end-to-end experience for restaurant merchants” by combining the restaurant POS system with the Verifone payment solutions.
Solving Demand for Better Payment Options
Based on the remarks of Mr. Khatri and Tim, the current demand for new payment options is the foundation of this new collaboration. For instance, Mr. Khatri noted that consumers’ demand for cardless, contactless, and flexible payment options has vastly grown in the past two years. He also noted that
“we’re excited to call Verifone our ally in ensuring that restaurateurs meet these customer needs amidst inflationary pressures and staffing shortages.”
Tim highlighted that there is massive demand from dining establishments to get more payment acceptance options. He also mentioned that consumer trust in digital wallets is already accelerating.
According to the Business Wire press release, Lavu and Verifone customers will enjoy a wide range of payment options, including Alipay, Affirm, Paypal, WeChat pay, Venmo, Swish, Vipps, Klarna, and cryptocurrencies. The cryptocurrencies supported by this new partnership include Bitcoin, Ethereum, Litecoin, Shiba Inu, some USD stablecoins, and Dogecoins, all passing through prominent wallets.
This strategic partnership aims to better the restaurant industry with a highly intuitive PoS and excellent payment experience for the average user. By combining Verifone’s advanced payment options with Luva’s system, restaurants will adapt to changing consumer preferences for digital payment solutions. The payment process for consumers is relatively straightforward. The customer chooses their preferred payment options and simply uses their mobile phones to pay.
Institutional Adoption of Crypto
Crypto is continually gaining institutional adoption in different industries, including sports, retail stores, and restaurants. Large payment networks like PayPal also support crypto payment solutions. Such continuous institutional adoption of crypto is needed to take the blockchain world mainstream.