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Leading Austrian Telecom Provider Adds Cryptocurrencies to Its Cashless Payment Network
A1 Telekom Austria said cryptocurrencies will now be available to use in its cashless payment app, allowing over 2,500 merchants to accept bitcoin, ether and dash.
Updated Sep 14, 2021, 9:36 a.m. Published Jul 27, 2020, 3:43 p.m.
A1 Payment, a subsidiary of A1 Telekom Austria, said Monday users can now make payments using cryptocurrencies including bitcoin, ether and dash on its cashless payments app.
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- On its website, the firm said that regardless of the cryptocurrency used, payments would be converted to euros in real time so retailers would receive payment in fiat.
- The addition of cryptocurrencies to A1’s payment platform will enable about 2,500 merchants to accept digital currencies. The moves follows A1’s decision last year to integrate services WeChat Pay and AliPay onto its platform.
- Partly controlled by the Austrian state, A1 Telekom had announced a trial of cryptocurrency payments in a pilot program last year. That announcement noted that industries with close contact with tourists and business travelers were hurt by a backlog in the acceptance of digital currencies as travelers couldn’t pay with BTC, AliPay or WeChat Pay.
- According to Reuters, A1 Telekom’s revenue declined by 2.4% to 1.1 billion euros in Q2. The report also said the firm plans to cut some of its planned investments for the year, including investment in 5G.
- A1 Payments did not respond to a request seeking more information about cryptocurrencies on its digital payments network by press time.
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