eBay Looking Into Crypto Payment Option

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eBay CEO Jamie Iannone has said the online shopping platform was looking into new payments options for customers.

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Cryptocurrencies were among the new payment option methods the company is looking into. The e-commerce firm is also exploring ways to utilize non-fungible tokens (NFTs), Iannone said.

PayPal’s crypto payment example

Adoption by one of the largest online retailers would be a welcome addition in a year that has seen many payment services begin using cryptocurrencies. 

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Last month, PayPal launched “Checkout with Crypto.” This lets PayPal’s American customers pay with bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and litecoin (LTC). Recently, Coinbase announced that its users could make payments on the exchange through PayPal. Given PayPal’s history with eBay, perhaps they will make a similar integration.

According to PayPal CEO, Dan Schulman, “demand on the crypto side has been multiple-fold to what we initially expected.” To emphasize his point, PayPal’s mobile service app also launched “Crypto on Venmo.” Users can now buy, sell, and hold crypto within the application.

Other crypto payment integrations

Payments giants Mastercard and Visa have also been making strides to integrate cryptocurrencies into their payment networks. In March, Visa enabled the use of the USD Coin (USDC) stablecoin to settle transactions on its payment network.

Meanwhile, last week, Mastercard launched the first credit card offering digital currency “rewards” on purchases. This was done in partnership with U.S. cryptocurrency exchange Gemini.

Besides payment platforms, many businesses are rushing to enable customers to pay with cryptocurrencies. Crypto payments service BitPay is among those leading the charge to integrate these businesses. From luxury hotel chains to workspace sharing platforms, to other online retailers, BitPay is having its work cut out for it.

“My phone is now ringing off the hook every day of companies now wanting to accept crypto,” said BitPay CCO Sonny Singh.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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