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PayPal President Considers Bitcoin

Op-ed - PayPal President Considers Bitcoin

After reaching $20 Billion in mobile transactions, PayPal President appeared on Bloomberg TV’s “The Pulse,” with Guy Johnson to discuss mobile security and share his thoughts on the Bitcoin currency. This morning, PayPal President, David Marcus, expressed his fascination with Bitcoin and opened the door to a potential implementation of the up in coming online currency. As PayPal strives to remain the leader in innovative and convenient ordering and payment processing for individuals and merchants, we are prompted to wonder whether such a hunger for leadership and ingenuity will prompt PayPal’s leadership to take the final jump to accept payments in the Bitcoin currency.

Most recently, PayPal worked with Jamba Juice to develop a PayPal iPhone app to provide advanced order and payment options. In essence, customers, can locate a nearby Jamba Juice on their mobile devices, place an order, pay for their order, and have their juice ready to go upon arrival to the popular smoothy and fruit juice chain. Such a process would be expedited with the use of the Bitcoin currency. Without a need to go through multiple steps, interested customers merely need to use a Bitcoin wallet and scan a QR code to process payments.

What attracts most to mobile payments is the convenience factor for merchants and customers. Additionally, having admitted that lines are blurring between online, mobile and offline payments, Marcus leads us to believe that PayPal may opt into the Bitcoin currency payment system based on digital wallets. Expressing an attentiveness to follow the ever changing lifestyles of customers, Marcus shared a potential interest in considering the Bitcoin currency and new payment techniques to meet customer needs. As convenience and relevancy is key, Bitcoin opens the door to expedite mobile transactions and save merchants and customers time and money.

Furthermore, in light of a push for more convenient payment processing methods, PayPal is still mindful of customer and merchant security in transactions. In an age of growing identity theft, PayPal is working with Google and Lenovo in the FIDO Alliance to develop a technology that provides greater authenticating methods for online and mobile payment devices an option to prevent hackers from accessing accounts by stealing passwords. Marcus expressed that while looking to increase in its competitiveness and speed in processing transactions, PayPal is also working to develop a greater level of trust with merchants and customers.

We already know that Bitcoin is a secure method of payment. Spending with Bitcoins does not subject consumers to the same risk of identity theft as spending with credit cards. Credit card numbers and billing information can be stolen by identity thieves who assume people’s identities and spend their money. With With bitcoin, people can simply send payment to a merchant’s Bitcoin address without releasing any financial or personal information.

Marcus has cracked open the door to further consideration of the PayPal’s relationship with the Bitcoin currency. Here’s to another step into prominence for the Bitcoin currency.