The cryptocurrency world got excited by unsubstantiated rumors that Amazon was planning to support cryptocurrency payments. However, the takeover is through NCR the crypto ATM company FreedomX did not attract much attention. In addition to ATMs, the LibertyX software also runs at retail checkouts.
Let’s put the NCR acquisition in context. According to Retail Banking Research, NCR has a 31% global market share in point-of-sale (PoS) machines. In other words, if you buy physical goods anywhere in the world, there is a nearly one in three chance that the machine used at the checkout was from NCR. Do you use a self checkout unit in your local supermarket? NCR is a big player there too. Now consider that the machine could now support cryptocurrencies. That’s 31% of global retail sales, or a little more than Amazon.
But it doesn’t end there. NCR isn’t just the largest PoS provider. It is also the world leader in ATMs with a 25% market share in 2020 according to RBR.
“With growing consumer demand, our customers need a complete digital currency solution, including the ability to buy and sell cryptocurrencies, make cross-border transfers, and accept digital currency payments through digital and physical channels,” said Tim Vanderham, CTO, NCR Corporation. “The LibertyX solution will accelerate our ability to get these capabilities to market quickly.”
NCR plans to offer LibertyX capabilities to banks, retail stores, and restaurants. The company also has digital wallets and mobile applications.
Details of the deal were not disclosed.
The ability to support cryptocurrencies at the checkout is becoming a busy space. Just yesterday, Coinify, which enables merchants to support cryptocurrency payments, was bought by Voyager Digital for around $ 83 million. Earlier this year, PayPal allowed users to pay with cryptocurrencies. Visa and Mastercard have supported cards issued by cryptocurrency exchanges for some time.
