Netflix executive considers bitcoin for payments
Recently, Netflix launched its streaming service to more than 130 new countries. However, according to Netflix CFO David Wells, payments remain a challenge. During a Q&A session, Wells brought up bitcoin as a possible solution to this problem, according to areport by Investors.com.
"Payments are becoming more of a global world," Wells said. "You still have central banks. We'll see where we go from here in the next 10, 15 years. Countries still want to hold onto their monetary policy. But, it sure would be nice to have bitcoin in terms of a global currency that you could use globally."
The company is attempting to keep prices globally at a similar level to the $8 monthly charge in the U.S. Netflix also wants to keep its payment process as simple as possible. Although bitcoin is not designed for recurring payments or refunds, it may be more efficient than PayPal, according to the report.
"You have to authenticate, you have to make sure you have the right person, the right bank account, but you don't want to run people through a 20-step process, because that's not going to work," Wells said, referring to PayPal.