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Newegg VP says Bitcoin is rising as a payment option in eCommerce

Newegg VP says Bitcoin is rising as a payment option in eCommerce

Consumer electronics online retail platform Newegg Vice President of Finance Nikki Tanlioco has said bitcoin and other cryptocurrencies are gaining traction in eCommerce as a form of payment. 

During an interview with PYMTS, Tanlioco noted the need to pay in crypto accelerated during the coronavirus pandemic, especially from end-users. Tanlioco affirmed that with the demand, she believes cryptocurrencies are safe and reliable payment options globally. 

She added that retailers could reach a new client base with bitcoin as the alternative payment method that differs from traditional options. However, the vice president points out that bitcoin payments differ significantly as they present the challenge of integrating the payments functionality.

Pandemic presents an opportunity for bitcoin payments

Tanlioco noted that the pandemic has resulted in an eCommerce boom that presents an opportunity for various entities to consider bitcoin as a new form of payment. She stated that crypto payments should apply in the entire eCommerce ecosystem and not only electronics.

She further acknowledges that eCommerce platforms can be deterred by negative headlines regarding fraud linked to bitcoin payment. However, Tanlioco stated that there was no need for alarm since there are mechanisms to flag down suspicious activity. 

“We don’t really typically experience fraud around bitcoin. So, towards cryptocurrency payments, certain elements or data elements within this payment method are quite really safe on our end. It’s not like someone can steal credit card information and then use that card on our website. Just by the nature of bitcoin, there’s really no fraud attached to it,” said Tanlioco.

Newegg was among the first online retailers to accept bitcoin in 2014 after partnering with BitPay. Her views come after PayPal (NASDAQ: PYPL) launched a service that enables U.S. customers to use bitcoin as a payment option at checkout.

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