The speculation regarding a PayPal integration with bitcoin has been nearly out of control for the past several weeks.
Coin Fire has once again been provided an exclusive direct scoop regarding the integration of bitcoin with PayPal subsidiary BrainTree.
Braintree powers billions of dollars in mobile and online payments for some of the world’s fastest growing companies and most reputable merchants. Built by developers for developers, our full-stack payments platform can be integrated in minutes and gives you easy access to new payment options and advanced features as they come on stream.
-Brain Tree Press Material provided to Coin Fire
Braintree will very shortly announce that it is beginning with a bitcoin integration in to the BrainTree Payments Platform that will allow merchants and vendors to tap in to the one tap purchasing power of PayPal.
Braintree will reveal that it will allow merchants to instantly accept bitcoin along with other payment methods and will allow the first $50,000 worth of transactions to be entirely fee-free without the standard transaction fees that the company currently charges merchants via the Braintree Ignition program.
The company will also reveal today the new PayPal One Touch integration with Braintree that will allow merchants to begin using a platform agnostic system to accept payments from end users instantly. The system is slated to compete directly with Apple’s upcoming payment platform in that it will operate on a wide variety of devices.
The new One Touch system will allow for instant payments with a single touch using debit cards, credit cards, your PayPal balance and even bitcoin payments. The system which has been under a beta test program with some of the largest Braintree partners including Uber and HotelTonight.
The One Touch system will allow merchants to also have the protection of PayPal Seller protection on selected purchases. The company has yet to provide if those protections however will be afforded to bitcoin transactions (speculation: likely not).
A confirmed source at Braintree stated that the testing of the new platform has been a massive success with merchants using it seeing an increase of over 70% on conversion rates. The program which launched in a limited beta on August 19th has been accelerated recently to make sure the platform is available to others.
The timing of the announcement may not come as a surprise to many as Braintree and PayPal have been working to ensure the system is announced before Apple makes waves with the announcement of a new payment platform that is built exclusively for iOS devices. Braintree is hoping that with the announcement that the service is device agnostic to steal some of the thunder from the Apple announcement tomorrow.
All images provided by Braintree Public Relations