This guest post on potential uses of cryptocurrency and Bitcoin in subscription e-commerce was contributed by OceanX CEO & Founder Georg Richter and originally published on PaymentSource. Read the full article here an excerpt copied below.
Retail is much bigger than e-commerce, and subscriptions are only a subset of the digital trade. It is much more likely that we will see cryptocurrency being accepted in retail or e-commerce first, though subscription companies could likely accept bitcoin or bitcoin cash as a form of payment in the near future.
Subscription companies deal only indirectly with collecting payments. They all use payment processors such as Stripe, Braintree, Vantiv or even PayPal when it comes to “card not present” subscriptions, meaning it’ll be up to the processors and platforms like them to ease the path toward acceptance of cryptocurrencies.
It could be another five years or more before any of that comes to fruition. Here’s what would need to happen for cryptocurrencies to become a regular payment option for retailers or subscription companies: