In another blow to Bitcoin, it still is not gaining the traction among internet retailers as a payment method, which is not what it was intended for the virtual currency when it was first introduced. This is good news though for PayPal Holdings, Visa and Mastercard.
In a survey that was carried out by Morgan Stanley, it was revealed that they Bitcoin adoption remained unchanged, and shockingly, it was only accepted at just four of the top 500 online merchants. An analyst at Morgan Stanley, James Faucette, said;
“While Bitcoin seems unlikely to challenge Visa, Mastercard, and PayPal in online acceptance, we recognise that a number of cryptocurrencies may be better designed for payment functionality, like Dash and Litecoin…At this stage we have not observed any notable acceptance among larger merchants, with the exception of Overstock.”
When carrying out their research, Morgan Stanley gathered data from the top 500 online merchants. PayPal was the most popular, being used at 79% of the top 500 internet retailers, with Amazon Pay coming in at 12%, Visa Checkout at 8% and Mastercard Pass at 7%.
In the March quarter, PayPal added Williams-Sonoma, and Amazon has been using their popular one click payment technology to attract merchants to their payment platform. This is simply because it can speed up the buying process, particularly if they are diverted to Amazon from a third party website.
The Morgan Stanley report then went on to say that;
“We expect PayPal to continue growing at or above the pace of e-commerce, and the network benefit of being a leader among merchants should continue to drive engagement higher.”
According to the stock market, PayPal stock has actually risen by nearly 2% to 75.34. It is still trading well below the technical buy point of 86.42.
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