U.S. telecom giant AT&T teamed up with cryptocurrency payment processor BitPay to accept online bill payments in cryptocurrencies such as Bitcoin.
AT&T customers can now use the BitPay platform to pay their online bills with cryptocurrencies held in their crypto-wallets.
While BitPay still remains focused on Bitcoin (BTC) for executing payment transactions, it added settlement support few months ago for Bitcoin Cash (BCH) as well as stablecoins USD Coin (USDC) from Circle, Gemini dollar (GUSD) from Gemini and Paxos Standard (PAX) from Paxos.
Paying in cryptocurrencies is seen as the most preferred method among the new generation as they benefit from easy, fast and secure transactions at lower transaction fees. This will also help customers conveniently shop without having to enter any card information for online payments.
BitPay is looking to take advantage of the expected strong growth in Bitcoin users from the current less than 10 million to more than 200 million by 2024. The global mobile payment revenue is also estimated to reach more than $1 trillion in 2019.
In July last year, BitPay had become the first blockchain payment processor and the first non-exchange to secure a BitLicense, a virtual currency license, from the New York Department of Financial Services (NYDFS). This allowed BitPay to facilitate payment in Bitcoin between merchants and consumers in the State of New York.