PayPal Video Sparks Rumors About Potential Bitcoin Plans

Tom Sharkey (@tom_sharkey) | Published on September 8, 2014 at 19:05 BST

PayPal has sparked speculation in the wider digital currency community with the release of a new promotional video that makes reference to bitcoin.
The video, titled ‘PayPal Voices’, was published on the company’s official YouTube page today.
The one-minute promo features a string of actors who are described as “the voices of the people economy”, extolling the benefits of using PayPal. Bitcoin is mentioned just 10 seconds into the video in the following voiceover passage:

“Our phone is our wallet. We can spend bitcoin with a tap, without a pocket.”

The news provides the latest evidence that either the eBay-owned company or its mobile payment processing subsidiary Braintree might move to integrate bitcoin into an upcoming project.
First reported by The Wall Street Journal this August, such speculation was given yet another boost today in an article by Re/code that suggested Braintree’s announcement may come as soon as today.
Braintree was acquired by PayPal in September 2013. PayPal itself is a subsidiary of eBay, one of the largest e-commerce companies on the web. Outspoken bitcoin advocate Marc Andreessen sits on the board of eBay.

Speculation mounts

At the time of writing, PayPal’s only reference to bitcoin integration is the excerpt from the video.
Still, speculation has run rampant, with more than 400 comments about the video splattered across YouTube and reddit.
Notable bitcoin investor and SecondMarket executive chairman Barry Silbert has joined in discussing the significance of the video:

More information needed

Details are still sparse, and even if the video is proven to be authentic, it’s not entirely clear what plans PayPal has for the digital currency.
While the video does not necessarily mean that PayPal will integrate with bitcoin, the timing of both Re/code’s news and the video raises many questions.
The bitcoin community has been vocal about the relationship between PayPal and bitcoin in the past. Many argue that the digital nature of bitcoin lends itself perfectly to PayPal’s business model, while others contend that bitcoin doesn’t need the support of a centralized platform to flourish.
Whatever the case may be, a PayPal-bitcoin integration would certainly shake up the industry and bring the digital currency significantly more visibility with the general public.
CoinDesk is continuing to follow this developing story. At press time, neither PayPal nor Braintree had responded to requests for comment.
Image credit: Denys Prykhodov / Shutterstock.com

PayStand Releases Bitcoin Plugin for WordPress Merchants

Pete Rizzo (@pete_rizzo_) | Published on September 4, 2014 at 15:01 BST

PayStand has released an e-commerce plugin for WooCommerce that will give WordPress merchants a new way to accept bitcoin.
With the news, PayStand joins BitPay to become the latest bitcoin payments processor to integrate its services with WooCommerce. The free e-commerce toolkit is a popular method for WordPress websites to accept payments.
Speaking to CoinDesk, PayStand CEO Jeremy Almond suggested that his company’s solution could offer a more attractive option to WordPress merchants who are testing the waters with the cryptocurrency.
In addition to bitcoin, PayStand allows merchants to accept credit cards and e-checks, features that Almond said will enable his company’s plugin to find a unique audience.
Almond told CoinDesk:

“Cards aren’t going away tomorrow. [...] We can go to a WordPress merchant and say, ‘Here’s an offering where you can still take cards and electronic checks, but you can offer something that is free for transactions.’ [Bitcoin is] global and it solves a lot of problems around payments.”

PayStand’s news is the latest in a series of developments involving the wider WordPress community and bitcoin.
In November 2012, WordPress itself announced that it would allow customers to buy upgrades using BitPay. The development is often cited as a milestone for bitcoin’s merchant processing community, as the platform was one of the first major brands to endorse digital currency.

Meeting developer needs

Almond stressed that his company’s WooCommerce plugin tool aims to appeal to both novice business owners and more established developers looking to integrate a bitcoin payments offering into their website.
Framing his new offering as flexible to the needs of both demographics, he said:

“Our process is very simple, one click of a button you can install the product, so it’s not very complicated, you don’t need developers to do it, you can have credit card processing right next to it. You can turn it on and turn it off, it’s very easy to use.”

Established developers, in turn, will be able to use PayStand’s API to build out more extensive and unique solutions, Almond added.

Bitcoin key to business model

The CEO went on to brand the offering as a natural fit for his company given that WooCommerce is one of the most used shopping cart toolkits, and that WordPress powers one in five e-commerce websites.
He told CoinDesk:

“Our business ultimately wants to see bitcoin thrive, so going places like WordPress and other mainstream areas where we can continue to get your everyday merchant aware and able to take payments and that’s a key goal for us.”

While PayStand offers multiple payment options, Almond stressed that the company simply wants to serve as a bridge to emerging payment types.
Though he declined to offer specific figures, Almond said he has been pleased so far with the number of PayStand merchants that have enabled the company’s bitcoin payment option since his service launched in April.
He concluded:

“Our goal is to build a bridge from traditional to next-generation payments, and I think our strategy is working for our merchants.”

Images via WordPress and Shutterstock

Payza Introduces Bitcoin Buying Option in 190 Countries

Pete Rizzo (@pete_rizzo_) | Published on August 11, 2014 at 22:00 

Global online payment processor Payza has announced it is now offering customers in 190 countries the ability to buy bitcoin via bank transfer.
Payza took to its official blog to reveal the news, though this formal announcement followed preliminary tweets from both Payza business development consultant Charlie Shrem and the London and Montreal-based company itself.
In its formal remarks, Payza hinted that the bitcoin buying option will allow it to pursue larger goals in the bitcoin and digital currency space, stating:

“This is our first step into the exciting space of cryptocurrency, currency that exists solely in the digital world. At Payza, we’re very interested in bitcoin and cryptocurrency, and we have big plans to expand the way bitcoin can be used on our platform.”

Payza first detailed its plans in the digital currency space in a May blog post that discussed bitcoin’s potential as a payments tool. This interest was further made evident in July, when Payza confirmed rumors to the The Wall Street Journal that Shrem was serving the company in an advisory role.

Targeting merchants

Speaking to CoinDesk, Shrem elaborated on Payza’s goals, suggesting that the company’s biggest opportunities may be in catering to bitcoin’s merchant space.
He explained that, unlike popular alternatives such as BitPay and Coinbase, Payza could become a one-stop solution for new merchants that want to capitalize on bitcoin but offer multiple payment methods.
“[Payza will] be the only company where if a merchant actually wants to accept both credit card and bitcoin, they only need to work with one company,” he said.
Shrem indicated that Payza does not charge users to deposit funds into their accounts, but that a 2% charge for users who buy bitcoin via the platform applies. Buyers lock in the price of bitcoin upon purchase, however, the withdrawal process can be expected to take up to three days.
Given that users are not charged to send funds through Payza, Shrem also remarked that the offering could position the company to become a player in the remittance space, adding:

“[We're] drastically bringing down the price of remittances – 2% total end-to-end. We’re going to be adding the ability to send deposit in bitcoin as well, so you can move bitcoin between accounts and it won’t cost anything.”

Refining the product

As for why the product took some time to reach market, Shrem attributed the somewhat lengthy process to Payza’s desire to ensure its first offering was ready for bitcoin consumers.
Shrem pointed out that Payza decided on five phases for the rollout, and that in addition to the development work, phases included training customer service and securing support from banking partners.
He said many of these considerations were the product of Payza’s near-decade of experience in the payment industry, working with both regulators and its banking partners.
Shrem explained:

“Payza has very good relationships with regulators already [...] With bitcoin companies [...] they don’t have compliance officers, they’re kind of new to the scene, they don’t know what’s going on. With Payza, it’s kind of refreshing for me because I’m used to working with startups, working with a company like them is very organic and it’s a lot easier to get things done.”

Creating an account

Larger goals aside, Payza has also given consumers a first look at how its new offering will look, and what it will require from bitcoin buyers.
To create an account, users first select the country in which they reside before then electing to open a personal or business account.
Both accounts allow users to collect payments, exchange currencies and make payments via the platform.

Users then provide their first and last name, email address and create a password before validating their email.
To transact, Payza users need to then complete their profile with the service, providing information such as their job title, industry of work and Social Security number.
Then, users input their address, phone number and create security questions to ensure the safety of their account.

How it works

Called the ‘Withdraw Funds by Bitcoin’ feature, Payza boasts that verified users can buy bitcoin in three steps: withdrawing funds, verifying the currency and confirming the transaction.
To start this process, users click on the ‘Withdraw Funds’ button on the top corner of their account screen. Next they select ‘Bitcoin’ from a list of available options that includes bank transfer, bank wire and credit card.

Finally, Payza customers enter the amount of funds they want to withdraw. Users must withdraw a minimum of $20 to complete their order.
Business man image via Shutterstock