Paypal users will now have an option to pay with bitcoins, with eBay finally taking its step forward with its payment processor subsidiary Braintree, per a Forbes report. The company has also entered into a partnership with San Francisco based Bitcoin exchange Coinbase.
The announcement was made on Monday at San Francisco’s TechCrunch Disrupt conference, by BrainTree CEO, Bill Ready. “The reason why we were watching it up to this point is that a lot of things needed to be solved in order for us to have a leading use case. There were regulatory questions and questions over whether it would be easy for merchants and consumers to use,” said Ready.
Details regarding integration of Bitcoins into the merchants payment system is yet to be disclosed.
eBay had acquired Braintree last year for USD 800 million in cash, in order to expand PayPal’s mobile payments capabilities, which were projected to be of more than USD 20 billion that year.
Braintree’s payment technology is used by startups such as Airbnb, TaskRabbit, Uber and OpenTable. Earlier in July, Dell had also partnered with Coinbase to accept Bitcoins for online purchases.Category Business Ecommerce News