As more people make the transition to electronic, mobile credit and debit card payments, industry innovation is focusing on these payment methods and WordPress.com is on board. WordPress.com offers some premium feature upgrades in addition to free features that allow users to take advantage of your WordPress.com experience. There are several means of payment for purchase of the upgrades WordPress.com offers to their free hosted bloggers including, major credit cards, PayPal, some debit cards, eChecks and now, Bitcoin.
Major credit cards – PayPal WordPress.com uses PayPal as a payment processor, and as such, we can accept payment from countries PayPal supports worldwide.
Debit cards and eChecks – In addition to major credit cards Mastercard, VISA, American Express, Discover, and PayPal WordPress.com can accept echecks and some debit cards. The debit card must have a VISA or Mastercard symbol on it, and should work just like a credit card when selecting the VISA or Mastercard option on the payment form, even though it’s a debit card. An eCheck is a payment that you make directly from your bank account. Read more about eChecks.
What is Bitcoin?
WordPress.com can also accept Bitcoin for payment of certain upgrades. Bitcoins are electronic tokens of exchange. Bitcoins are an experiment in alternative currency – a shot at a system that is fairer… because the currency we have right now was designed by the rich, and is controlled by the rich, so they can get richer, just by already being rich.
Bitcoin is a decentralized P2P electronic cash system without a central server or trusted parties. Users hold the crypto keys to their own money and transact directly with each other, with the help of the network to check for double-spending.
The idea of digital money—convenient and untraceable, liberated from the oversight of governments and banks—had been a hot topic since the birth of the Internet. An interesting read: The Rise and Fall of Bitcoin
According to the World Payments Report 2012 from Capgemini, RBS, and Efma, how debit cards are continuing to win market share from credit cards while the use of electronic and mobile payments continues to show exponential growth. As more consumers embrace electronic, mobile and debit card payments, industry innovation is likely to continue to focus heavily on these payment methods.
The volume of mobile payments is expected to grow at almost a 50% rate in the next three years. The largest banks, especially those with a significant presence in the cards businesses and schemes, and mobile operators are investing in these new technologies, sometimes in partnership with producers of cell phones and providers of smartphone operating systems.