Now a Popular American Service of Mobile Payments Works with Bitcoin

Now a popular American service of mobile payments works with Bitcoin. Very popular in the USA service of mobile payments Square announced that they work with Bitcoin. The basic technology of Square is a small credit card reader that works with smartphones and tablets. Thanks to special software these devices turn into compact payment accepting terminals. Since these readers had appeared in a chain of coffee-houses Starbucks, they became very popular among Americans. For processing bitcoin payments the system implements common QR-codes for transferring data on performed transaction. When payment is completed the transaction is converted into dollars at the current exchange rate and sent into seller’s account. Announced in the beginning of April update of Square system extends existing possibilities. Using Bitcoin for paying goods and services is profitable for small and medium businesses as it reduces or eliminates high commission fees of existing payment systems for processing transactions from ordinary payment cards. If American legislators do not restrict usage of bitcoins and other cryptocurrencies, we will expect boom of use of cryptocurrencies for paying goods and services in the nearest future.