Leading Austrian Telecom Provider Adds Cryptocurrencies to Its Cashless Payment Network

1 week ago 63

Jul 27, 2020 at 15:43 UTC

Vienna, Austria (Shutterstock/ V_E)

A1 Payment, a subsidiary of A1 Telekom Austria, announced today that users can now make payment using cryptocurrencies like bitcoin, ether and dash on its cashless payments app. 

In an announcement on its website, the firm said that regardless of the cryptocurrency used, crypto payments would be converted to euros in real time so retailers would receive the 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 like 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 a report by Reuters, A1 Telekom’s revenue declined by  2.4% to 1.1 billion euros in the Q2. The report also said the firm plans to cut some of its planned investments for the year, including ones for 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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