UPS Asks, Does Logistics Industry Need Bitcoin?
UPS Inc. recently asked in its official blog if global trade needs a virtual currency like Bitcoin as the world becomes more connected.
In its blog, “Longitudes,” the company said current payment systems are a major bottleneck to the flow of global trade and have high-cost fees and exchange rates.
“People around the globe have access to virtual marketplaces that feel borderless. But consumers are still stuck in the credit card age of payments for those transactions,” wrote Rimas Kapeskas, managing director of the UPS Strategic Enterprise Fund.
There are still a number of barriers that get in the way of making online purchases when you cross borders, including online ones, such as calculating exchange rates and fees, the company said in its blog.
“A unified, global currency is the ideal solution as it would simplify cross-border transactions,” wrote Kapeskas.
Bitcoin, a virtual currency, is now accepted by more than 100,000 businesses, including Amazon.com, Home Depot, Microsoft and CVS, the company wrote.
“For global e-commerce to thrive, the movement of goods, funds and information must be both secure and seamless. Digital currency would allow consumers and businesses of all sizes in all places to participate,” Kaperkas wrote.
UPS ranks No. 1 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
A virtual currency like Bitcoin could open up an array of new markets: http://t.co/BlJSU4lCBY pic.twitter.com/A8DR5UnGAc
— UPS Longitudes (@UPSLongitudes) September 21, 2015
