Many countries are increasingly becoming accepting of the crypto industry and the prospects of the cryptocurrencies. This has been seen with the recent surges in the numbers of country picking up and furthering initiatives to create regulations to govern the industry in order to provide a friendly and stable environment for investors and traders in the industry. Austria has been the latest country to jump in on the crypto industry bandwagon.
One of the largest mobile providers in Austria has plans underway to begin accepting cryptocurrency for payments at certain of its own store locations. A1, which services about 5.1 million mobile and 2.1 million fixed lines across Austria, is testing cryptocurrency payments at store locations across Austria.
Among the cryptocurrency that will be available for payment include – Etherem, Litecoin, Stellar and XRP. This is according to a report by Asian tech news site Futureszone. A1, which was incepted in 1881, has a vast reach in the country, currently serving 5.1 million of the current 6.2 million Asian mobile phone users.
The pilot program will also host payments for Alipay and WeChat pay by the end of August. As of present reports, Futureszone has managed to list seven initial locations accepting cryptocurrency payments across Austria.
“Cash is a discontinued model,” Markus Schreiber, the head of A1’s business marketing says.
He adds, “With our pilot operation in the A1 shops, we will test demand and acceptance of digital currency in Austria.”
Futureszone has further reported that A1 is partnering with banking solutions firms and giants such as Salamantex, Ingenico, and Concord is for the project. Like other popular cryptocurrency payments solutions, fluctuations are absorbed through the banking structure and architecture. Furthermore, Futureszone reports that the payment option is not only for local Austrians but will increasingly be geared also to serve foreigners living in the country, including tourists and expatriates in the country. A1, however, did not respond to questions by press time.
The announcement of the planned move by A1 to start accepting payments in crypto is a great stride towards the decentralization of the companies services in the country. The fact that it is among the largest communications companies in Austria means that the move will serve to influence more and more companies to start embracing and accepting cryptocurrency as a mode of payments that they receive.
It should be noted that quite a large number of companies and individual in Austria are still deeply-rooted in their firm belief in fiat currency. It is for this reason that A1’s move tp accept cryptocurrency is being seen as a great strategy in the country.