The e-commerce giant, eBay, is about to accept cryptocurrencies as payment. The company is one of the first major e-commerce platforms to accept this type of payment. According to eBay’s CEO Jamie Iannone, the platform focuses on millennials and Gen Z.Crypto Payments Soon To Be Added to eBay Transactions
So, accepting cryptos is a move to engage existing customers while attracting new ones. Come with us and see what else is new about one of the biggest marketplaces in the world.
The New Way
Millennials and Gen Zers are the most optimistic and welcoming age groups for cryptos. The number of people who believe cryptos will suddenly vanish seems to be decreasing. Yet, the concept faces a lot of scepticism from older age groups.
Even so, Iannone is confident. The company manages a daily volume of about 85 million dollars, and the time is ripe to invest in new payment methods. eBay isn’t the only giant following the crypto path. Companies like PayPal, Microsoft, and even Starbucks are headed the same way. So far, they don’t seem to regret it. PayPal started operating with cryptos in 2020, and ever since, we’ve been witnessing a surge in PayPal payments in several industries, perhaps most notably in the gaming industry. Nowadays, users can easily utilise crypto through PayPal, not only to purchase video games or add-ons on major gaming console stores and digital distribution stores like PS Store and Steam but also to gamble safely and more efficiently
More silently, eBay introduced another major change in its policies last year. The platform started accepting NFTs (non-fungible tokens) or, better still, regulated an asset already being traded there anyway. Like cryptos, NFTs rose from anonymity to stardom quite fast, involved in transactions of jaw-dropping sums.
Smaller Players
Iannone says the company doesn’t operate with cryptos just yet, but there’ll be a big announcement for investors on March 10. However, eBay isn’t the first e-commerce brand to adapt to cryptos. WooCommerce, Shopify, and eGifter are a few brands known to online shoppers and retailers operating with altcoins.
A Second Chance
It isn’t the first time eBay has taken its chances with cryptos. In 2014, the company tried to use Bitcoin in its auctions. Bitcoin was nowhere near where it’s today back then. The short-lived experience was welcomed with glee by Bitcoin holders.
In the UK, this option was banned in the same year. Although cryptos could still be sold in the classified ads format, they could no longer be used in auctions. At that time, eBay had to change its currency policies.
Under normal conditions, the platform and its users would be vulnerable to fraudsters. Someone could buy cryptos and then refuse to pay for them or ask for a chargeback to the credit card operator. The classified ads model safeguarded the company from scams, removing itself from the deal.
The Right Time
Eight years later, the time seems perfect for reintroducing cryptos in the platform. After all, there are many more users in the market now. Besides, many big companies are also joining the trend. Nearly 10% of the world’s population owns at least one kind of cryptocurrency, and this number is on a clear upward trend.
Crypto usage, particularly Bitcoin, is rising in most countries worldwide. Bitcoin is even considered legal tender now in El Salvador. Indeed, cryptos can thrive in different markets. For instance, in the United States, it takes advantage of widespread access to technology and reliable internet. Countries like Turkey and Nigeria fill the gap of weak national currencies, rampant inflation, and erratic economic policies.
Moreover, websites can process crypto transactions much more safely these days. There are even free plugins to add to your website to receive payments through this method. There’s also a myriad of mobile crypto-wallets available now, helping buyers to shop on the go. By welcoming cryptos again, eBay is opening itself to a much safer and wider market than in 2014.
