A Threat to Payments but not Fiat?: BTCManager’s Week in Review September 12

week-in-review-12-9Compiled from contributions by Alexander Lielacher, Jamie Holmes, Joseph Young, JP Buntinx, Michael Scott and Nigel Dollentas.

Santander sees Bitcoin as a Risk to Card Issuers

A recent report issued by Spanish banking giant, Santander, highlights Bitcoin’s benefits over typical credit card payments, including substantially faster transaction time, no need for contracts, considerably lower transaction fees, and the free-of-charge use of the blockchain versus expensive back-office transaction systems.

Although most of the businesses that accept bitcoin at the moment are relatively small in size, the idea of bitcoin is catching on. As it grows, bitcoin could pose a real threat to credit card issuers and acquirers.

WebMoney Welcomes Bitcoin Users With Open Arms

In a surprising development, given the Russian government’s hostility toward bitcoin,  WebMoney, the global online settlement system and one of Russia’s largest online payment processors,will enable Bitcoin payments.

The option to fund an account with bitcoin is available for non-members of the Russian WebMoney service. This allows them to pay for goods and services sold by merchants using WebMoney’s online payment processor. Transactions will be converted to WMX – the native transfer title unit maintained by WebMoney – which can then be exchanged for other

Read more ... source: TheBitcoinNews