eBay Explores Bitcoin Payment System: Bitcoin Spending Could Reach $1M per Month, Coindesk Says
One of eBay Inc.'s electronic payment services called Braintree is exploring the possibility of supporting Bitcoin payments, allowing consumers to use the digital currency to take advantage of services such as Uber car rides and Airbnb rentals.
According to Bloomberg, one source familiar with the matter shared that Braintree has discussed things with Coinbase Inc., a company that provides Bitcoin payment services. However, the source asked not to be identified since the talks are still ongoing and nothing is final yet. Braintree is a service working with mobile-only and online startups, providing easy payment options for goods and services.
eBay spokeswoman Jennifer Hakes said that the company has nothing to announce as of the moment, but they do believe in the importance of Bitcoin's role in the future of cashless transactions. The announcement by the San Jose, California-based company was sent via e-mail while on the other hand, spokesman for San Francisco-based Coinbase John O'Brien declined to give a comment on the news.
PayPal is operated by eBay, which means that the company is not unfamiliar with digital payments and that the possibility of joining other merchants in accepting Bitcoin is not far from possible, The Wall Street Journal reports. The digital currency has gone mainstream sometime in 2013 with big companies already adopting the use of bitcoin, including Dell Inc. and Expedia Inc., among others.
As of this date, around 63,000 businesses and more than 5 million consumers are enjoying the use of the new currency, according to Coindesk. Also, the website tracking the volume of digital transactions noted that Bitcoin spending could reach an average of about $1 million per month with an expected sales of $6 million to $8 million by end of the year.
If the deal pushes through and more groups follow the trend, the virtual currency could eventually displace the use of credit cards and cash transactions in the future.
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