Dive Brief:
- Payments facilitator Stripe announced it will accept the bitcoin virtual currency as payment, charging 0.5% for each successful transaction.
- Current Stripe partners include Facebook, Twitter, Lyft, Instacart, Kickstarter, and Apple Pay, and Stripe may be in line to help process payments for Pinterest.
- The company has been testing bitcoin payment on a limited basis since March 2014.
Dive Insight:
Stripe is making substantial inroads in the mobile payments space, facilitating payments for big e-commerce names such as Facebook, Twitter, Lyft, Instacart, and Apple Pay. Stripe has had bitcoin tools in beta testing for almost a year, clearing transactions in as many as 60 countries, and will now accept bitcoin payments throughout its system, charging a 0.5% fee on each successful transaction.
The move will undoubtedly lend bitcoin—which has promised to revolutionize currency markets since its introduction—credibility. The virtual currency has proven popular in online black markets, but has struggled to gain a foothold among consumers for above-board online payments.
