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PayPal may embrace Bitcoin

19 May 2014 - 11:58 by Mike Price

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The online payments service PayPal, which is owned by auction site eBay, could be integrating cryptocurrency Bitcoin in the near future, according to the International Business Times.

eBay chief exec, John Donahoe, revealed this piece of information this week, stating that he was excited by the potential that Bitcoin offers and may well make it part of the experience of shopping online for millions of the site?s customers through PayPal.

While Donahoe did not go so far as to guarantee that such integration was on the way, he did say that eBay recognises that Bitcoin is something which it should actively consider adding to its arsenal of payment options.

Indeed earlier this year, it was suggested that PayPal would not be taking sides with a single digital currency, but would in fact be setting out to embrace them all. And if it wants to be a mover and shaker in the e-commerce industry going forwards, then this seems like an essential move.

Donahoe went on to talk about the creation of a digital wallet service as part of PayPal, which will mean that consumers can pay for goods and services both when they are shopping online or making a purchase in a real world store.

Bridging the gap between the digital realm and the high street is something that eBay and PayPal have been attempting to do for some time, which is why these cryptocurrencies, like Bitcoin, could prove to be the easiest way to make the most of the multichannel world in which we now live.

For consumers, the idea of being able to safely and securely pay for things on eBay and in-store using the same platform will surely be an appealing one, although it will have to be convenient to gain momentum.