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Netflix chief mulling bitcoin for payments

Netflix launched its streaming service to more than 130 new countries; however payments remain a challenge. Netflix CFO David Wells says bitcoin could be a possible solution.

January 14, 2016

Is bitcoin in Netflix's payment's future?

It just may be as the streaming service is still finiding payments a challenge after deploying service to more than 130 new countries. In a interviewwith Investors.com, Netflix CFO David Wells says the virtual currency could be the solution.

"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."

Netflix is striving to keep prices at a similar level worldwide and on par with the $8 monthly charge in the U.S. and is also striving to find a simple, efficienct payment process. Although bitcoin is not designed for recurring payments or refunds, it may be more efficient than PayPal, states Investors.com

"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.