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European Fintech Giant Adyen, Is Not Convinced Bitcoin Can Be Used As A Mainstream Payment

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Feb. 11, 2021, 1:07 p.m.

European fintech giant Adyen, in an interview on Wednesday, said bitcoin is more of an investment asset than a payment method and has no interest in adding crypto as a payment method.

The fintech giant known for processing payments for the likes of Facebook, Netflix, and Uber, is not convinced bitcoin can be used as a mainstream form of payment.

Pieter van der Does, the firm’s CEO and co-founder, stated that volatility in bitcoin and other cryptocurrencies make them less attractive for making transactions.

“We are interested in payment methods which are being used, I am wondering if the huge movement in the value of bitcoin is helping it as a payment method,” he added.

Tesla announced earlier this week that it had made a $1.5 billion investment in bitcoin, a move that led to speculation as to whether more firms would follow suit. Elon Musk’s electric car company said in a filing Monday that it would also start accepting payments in bitcoin in exchange for its products.

Meanwhile, Mastercard said on Wednesday that it plans to offer support for some cryptocurrencies on its network this year.

Asked whether Adyen could do the same, Van der Does says his firm’s merchants are not requesting that it adds crypto payment functionality to its platform.

“It might not actually be helping cryptocurrencies if they are more like investment assets than a currency,” he said. “That makes it less interesting for a merchant — to have potential (as a means of payment), you need a stable currency.”

Adyen did once let its clients accept bitcoin as a payment option but no longer supports the cryptocurrency.

Founded in 2006, Adyen’s platform lets merchants accept online and point-of-sale payments. The Dutch company debuted on the Amsterdam stock exchange in 2018 and has seen its share price more than double since February last year thanks to a boost to e-commerce volumes during the coronavirus pandemic. Adyen competes with the likes of U.S. firm Stripe and British start-up Checkout.com.

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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