T-mobile, a large telecommunications company, recently announced that it would be accepting bitcoin transactions in payments and top-ups in Poland. It even offers a 20% bonus for customers who try out the service and ditch their usual forms of payment such as cash, debit cards, or credit cards.
This company has gained massive global reach with over 15 million subscribers and a widespread data network. Currently, the company is conducting a three-month trial in accepting bitcoin transactions through payments processor InPay.
More Merchants with Bitcoin Transactions
Mainstream acceptance of bitcoin in online payments has been responsible for keeping the cryptocurrency’s price supported in the past, as more customers appreciate the appeal of convenient and secure transactions without using any physical and traditional forms of payment.
For T-mobile, payment for a top-up requires the user to send the correct amount to the mobile company then key in a unique code on their phone in order to unlock the credit. There is no personal information exchanged during the sale. Customers who pay in bitcoin enjoy 20% additional talk time compared to those who pay in cash.
Retailers are also drawn to the lower costs offered by bitcoin transactions versus overhead fees incurred in credit card payments. However, smaller companies have been more accepting of this innovative form of payment while larger companies have taken longer to adapt.
Just in December though, Microsoft also announced its acceptance of bitcoin payments in buying apps and video games from its online store. A couple of months later, Dell expanded its bitcoin support from the US to the UK to enjoy a larger consumer base.
In these transactions, the company usually never holds the actual bitcoins or addresses but are able to convert the amount in local currency from a third party after the sale.