PayPal reached 20 billion $ in mobile transactions, being the most used mobile e-wallet. With this occasion, the president of PayPal appeared on Bloomberg TV, but the main topic of the discussion was not this accomplishment, but the long debated and contested Bitcoin. David Marcus expressed his admiration for this concept, saying that he considers the implementation of this currency into PayPal.
As PayPal was always opened to new ideas and innovations, vision that allowed them to remain the leader in this market for almost twenty years, we might take the possibility of having bitcoin available for trading on this platform soon. PayPal might accept bitcoins as a payment method, but for the moment, the project is only in the phase of intentions. On the other hand, as the idea is encouraged by the president of the company itself, we might trade bitcoins on PayPal sooner than expected.
PayPal and Jamba Juice managed to create a new iPhone application that offer the possibility of advanced payment and withdrawal features. The principle is simple. The users of the app can find the nearest Jamba Juice store, they can pay for the order on their phones, and the juice will be ready upon their arrival. This perfect app can accept Bitcoins, not because there is a strong connection between Jamba Juice and bitcoins, but because the app can be easily modified to accept a bitcoin wallet for the same transactions.
The convenience of paying with e-wallets on mobile platforms attracted many users and merchants, especially because the clients seem to be very receptive to those methods, especially because today, it is possible to pay online, offline, and with the help of the latest mobiles, it is even possible to pay “on-air”, simply by touching the phone with the special devices made with this purpose. Considering that those structures are perfect for adapting the bitcoins, we might see it implemented in a few months. In addition, some merchants expressed their interest for this method, as it will save them time and money, giving them access to this fascinating currency.
Besides this, the security of transactions was also discussed. As identity theft seems to be an increased problem today, the PayPal president revealed his plans to limit the consequences of those actions. PayPal works with Google and Lenovo to create new authentication methods that will offer an increased security for transactions, especially for mobile payments. Marcus expressed his interest for this topic, saying that safer transactions will allow PayPal to consolidate its position as the leading e-wallet in the world.
Bitcoin is a secure method of paying, as the risk of identity theft is eliminated. While financial details about credit cards can be stole, the bitcoin is made under a principle that eliminates this possibility. Now, people can send bitcoins directly to a merchant using the bitcoin address, without being worried about financial details being stolen.
Marcus opened a new door, but also place for speculations about the future of bitcoin as a legitimate and generally accepted currency, increasing its reputation even more.