A1 Telekom to accept cryptocurrencies as payment

Austrian telecommunications giant, A1 Telekom has announced that it will be accepting cryptocurrencies as a payment option henceforth.

By · Jul 29, 2020 . 4min read

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Austrian telecommunications group A1 Telekom announces that it will accept cryptocurrencies as payments. The company is the largest telecommunications provider in central and eastern Europe. It serves around 25 million customers.

The company currently operates in Austria, Bulgaria, Croatia, Belarus, Slovenia, North Macedonia, and Serbia. It is listed on the Vienna Stock Exchange. It announced on Monday that its payments platform A1 Payments is now accepting digital currencies for cashless payments.

To eliminate any exchange rate risk, the company stated that retailers would receive the purchase price in Euros whenever customers pay using cryptocurrencies. Moreover, payments will be converted in real-time.

An Austrian fin-tech company known as Salamantex will assist technically on how to accept cryptocurrencies. It announced earlier this month that it had integrated its software into the A1 Payments platform. Therefore, this will enable more than 2500 merchants to accept cryptocurrencies.

Ingenico powers A1’s payment platform. Ingenico is the worlds leading payment terminal provider. Moreover, Concardis provide the payment software for card payments.

A1 had announced back in August of 2019 that they would be ready to start accepting cryptocurrencies as payments shortly. Moreover, they started off by hosting payments for WeChat Pay and AliPay. A spokesman from the company noted that “Cash is a discontinued model”.

The effects of COVID-19 have led the company to have a bad year revenue-wise. Its revenue for the second quarter of the year fell by 2.4%. New estimates released by the company expect revenues to fall further for the year. As a result, they will be cutting investment in many areas, namely in that of 5G.

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