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Cryptocurrencies are gradually becoming quite prevalent and taking another step towards the mainstream as the number of global online retail stores that have started accepting cryptocurrencies as payments is increasing continuously. Recently, AT&T, the world’s largest telecommunications company, has joined the list of e-commerce businesses which now accept cryptocurrencies, according to an announcement from the company.
Crypto payments are now growing steadily and becoming one of the most popular among young customers. AT&T is thus partnering with BitPay, a respected cryptocurrency payment processor that has already been collaborating with several other key companies, in order to process crypto payments, which will definitely take virtual currencies to a completely different level.
The firm is allowing customers to pay their bills via BitPay online or in-app. With this step, AT&T will become the first major U.S. mobile carrier to let customers pay in Bitcoin through a third-party service provider. BitPay will verify all the payments received from customers in the form of cryptocurrency and will accept Bitcoin on behalf of the business which will later be converted into fiat money.
Kevin McDorman, AT&T vice president of Communications Finance Business Operations, said:
“We’re always looking for ways to improve and expand our services. We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
Sonny Singh, Chief Commercial Officer at BitPay, praised AT&T for the partnership, which began when BitPay reached out a year prior. “AT&T did a great job making this happen,” he said.
Customers using the online bill payment services or My AT&T app to make mobile bill payments will be able to choose BitPay as a payment option when they log on to their accounts.
Through BitPay, businesses like AT&T will be able to accept payments in Bitcoin, traditional currency or in form of a combination of two that may give the firm technological edge in terms of processing payments, according to a BitPay spokesperson. He further stated:
“If the business using BitPay chooses to take 100% fiat currency, the dollars are deposited into the business’ bank account the next business day minus a 1% fee BitPay charges for the entire process. The business is protected from any bitcoin price volatility.”
AT&T’s move is a small step in moving the infrastructure for cryptocurrency retail payments forward and it will definitely make a huge impact on other businesses of different sizes, brands and reaches.