Tuesday, September 30, 2014

PayPal Joins the Bitcoin Revolution Allowing Some Merchants to Accept the Digital Currency

Thanks to a recently announced partnership, select PayPal merchants can now accept bitcoins as a form of payment. The announcement, which came last week, highlighted a new partnership with payment processors BitPay, Coinbase and GoCoins making PayPal one of the latest in a long string of companies to accept the crypto-currency as valid payment.

"PayPal has always embraced innovation, but always in ways that make payments safer and more reliable for our customers. Our approach to Bitcoin is no different," Scott Ellison, senior director of corporate strategy, wrote in a blog post. "That's why we're proceeding gradually, supporting Bitcoin in some ways today and holding off on other ways until we see how things develop."

The company wanted to make it clear that the news does not mean that PayPal has added Bitcoin as a currency in their digital wallet system or that Bitcoin payments will be processed directly through PayPal or its secure payments platform. Rather it is simply adding the option as a partnership, so all transaction will be secured through the other vendors.

The new program and agreements took direct affect allowing merchants to accept Bitcoin with a simple integration through the PayPal Payments Hub. This new program will be available to merchants in North America first with possible roll outs to other countries in the future.

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