Bitnet, a Bitcoin payments processor, seems to be on a mission of sneaking the Bitcoin option in by adding it to existing payment rails.
The company made up of former Visa employees and other veterans of the traditional payments industry have partnered with a number of traditional payment processors, and in its most recent move has added Limonetik to its list of partners. Limonetik services clients around the world, including Paypal internationally.
The partnership will mean that any company currently using the Limonetik payment platform will have the ability to add Bitcoin as a payment option. Companies that currently contract with Limonetik include Alipay, a service of Alibaba, one of the world’s largest e-commerce websites. Could this new partnership, by association, amount to an eventual Bitcoin integration into Alipay and Alibaba? Time will tell, but certainly all the pieces are now in place. Bitcoin would work particularly well for a site like Alibaba though it could have the effect of making Alipay redundant.
Also read: Bitnet Partners With Cardinal Commerce
Of the methods that exist to grow merchant adoption of Bitcoin, the most viable are those which require the least effort on the part of the merchant. It can be overcomplicated and time-consuming to maintain various payment terminals. Without significant incentive, adding additional payment options can produce unwanted hassle. But if the same payment processor the merchant is already utilizing enables them to accept Bitcoin with no extra charge and no increased hassle, the reasons to not turn on the option begin to fade out.
Bitnet enabled Bitcoin payments on Rakuten.com, formerly Buy.com, one of the oldest e-commerce platforms out there. Rakuten continues to do so though they have yet to publicize any figures.
More Rakutens on the Way?
Limonetik is a newer company in the market, which has been given a “Cool Vendor 2015 in Digital Commerce” designation by Gartner, a technology research firm. Limonetik’s aims fall in line with those of Bitnet; where they aim to make all payment methods equally easy for merchants and customers. In their words, they say, “Standardisation of all forms of payments into payment that looks like a credit card and makes it seamless for PSPs [Payment Service Providers] to integrate and to manage. A true ‘plug- and-play’ approach – adding a new payment has no impact.”
The new partnership could lead to many more announcements in the coming months of companies turning on the Bitcoin option, now that it is very easy to do.
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