Virtual currency now-a-days plays a great role in our life. PayPal, the international e-commerce business that allows to do payments and money transfers through the Internet, had not much of a relationship with the virtual currency Bitcoin. But now, PayPal has announced that it has partnered with three leading Bitcoin payments processors – BitPay, Coinbase and GoCoin – in order to enable limited support for the digital currency.
Scott Ellison, Senior Director, Strategy, PayPal said, “PayPal is excited about all the innovations taking place in payments these days. More choices in how people create value, share it, buy, sell and trade it – that’s exactly what PayPal is all about. We believe Bitcoin offers unique opportunities as more people and businesses experiment with it. PayPal is excited to work with BitPay to offer new experiences and the trusted service our customers expect. We hope to do more together as the Bitcoin ecosystem continues to evolve.”
Merchants using the PayPal Payments Hub, the company’s service for digital goods retailers, can now create a BitPay merchant account and provide the API credentials into the Payments Hub admin. Customers with a Bitcoin wallet will then be able to pay with Bitcoin for games, music, videos, news, ebooks, and other digital content.
Regarding this, PayPal has mentioned, “To be clear, today’s news does not mean that PayPal has added Bitcoin as a currency in our digital wallet or that Bitcoin payments will be processed on our secure payments platform. 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. 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.”