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eBay explores cryptocurrency payments to get closer to new generations

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The eBay company is exploring the possibility of adding cryptocurrencies as a new form of payment to its electronic commerce platform. Last year it changed its policies to allow the exchange of NFTs. eBay manages a volume of 85,000 million dollars, so it is ready to open new forms of payment, said its CEO, Jamie Iannone.

eBay currently accepts payment through a variety of methods, including Paypal and Apple Pay. Cryptocurrencies could be your next step to explore the opportunities offered by the crypto industry and be able to get closer to the native generations of the digital age: millennials and Generation Z.

 

 

eBay and cryptocurrencies

According to The Street , Iannone could announce cryptocurrency payments on its platform by March 10. The CEO of eBay, one of the world’s largest auction and e-commerce websites, is weighing the possibility of adding cryptocurrencies to its payment options to delve into this emerging industry. Iannone said he wants to make eBay the go-to digital marketplace for Millennials and Gen-Z.

Earlier in May, when talking about exploring the innovative options offered by NFTs, Iannone again highlighted the possibility of adding support for cryptocurrencies eBay has been considering crypto payments since 2013, when it first announced the possibility of adding bitcoin to offer more options to its users. 

 

Trading and exchange of NFTs

 

Iannone noted that eBay users are trading NFTs on the platform even before the platform made an official announcement about it. “Even without announcing anything or doing anything, people started trading NFTs on the platform . ” So in 2021, eBay changed its policies to allow the trading of these digital assets. Being the first large e-commerce company to open the doors to the sale of digital collectibles based on blockchain. 

As Blockchain Watch reported in May, eBay’s CEO said the platform would explore the possibility of adding support for NFTs. Now, his renewed interest in cryptocurrencies aims to conquer the digital generations. In 2020, JPMorgan estimated that bitcoin would become the new digital gold for millennials. He noted that this generation would lead bitcoin to mass adoption globally. Likewise, the financial services company Charles Schwab said in 2021 that cryptocurrencies were becoming one of the favorite alternative investment assets of millennials and Gen Z. The BNY Mellon also indicated that cryptocurrencies have become extremely popular among the new generation of successors and investors. The new generations see crypto assets as long-term investment opportunities. 

Paypal, Uber, Visa and more

 

Service platforms such as Paypal, Visa and Mastercard are adopting cryptocurrencies in their payment networks. PayPal authorized cryptocurrency payments to US customers last March. Since then, it has enabled its new services in the United Kingdom. It even authorized the sending of cryptocurrencies to third-party wallets, in order to bring cryptocurrencies into the mainstream and popularize their use in a similar way to what happened with plastic cards. 

 

Visa and Mastercard, the world’s largest financial networks, have also added cryptocurrencies, allowing their customers to trade crypto assets from their payment networks. The mobility company Uber is currently studying how it can enter the crypto industry. Dara Khosrowshahi, CEO of the company, told Bloomberg that it was possible for Uber to accept cryptocurrency payments in the future. 

Cryptocurrency payments are also becoming popular in other businesses and industries. For example, users of the social network Twitter can already make payments using bitcoin and ethereum. The PortAventura World themed resort and the luxury hotel chain The Kessler Collection also enabled payments with crypto assets. The content platform Substack added bitcoin payments last August. In El Salvador, McDonald’s, Pizza Hut and Starbucks franchises already accept payments with this cryptocurrency. 

1 Comment
  1. […] year. Many more companies are expected to adopt digital currencies. Recently, we learned that eBay, the American e-commerce giant should accept cryptocurrencies by this month of […]

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