- European payment structure Worldline looks to push for retail adoption of cryptocurrencies
- Worldline signs a letter of intent with Bitcoin Suisse
- Pilot project expected to roll out in 2020
According to a November 8, 2019, report by Swiss media publication Swissinfo.ch, major European payment structure provider Worldline has entered into a partnership with fintech venture Bitcoin Suisse to enable crypto enthusiasts to make payments with digital currencies in Swiss shops.
Pushing for Bitcoin Adoption
Since its birth during the aftermath of the 2008 financial crisis, Bitcoin (BTC) has come through quite an eventful journey. However, in its eleven-year-old history, one area of acceptance BTC has continually lacked at is mainstream adoption.
This could, however, soon change in Switzerland, as one of the leading European payment structure providers – Worldline – has reportedly signed a letter of intent with Swiss crypto venture Bitcoin Suisse to facilitate customers pay for their purchases with Bitcoin. Per sources close to the matter, the arrangement involves a conversion platform that will instantly convert the amount of BTC into an equivalent amount of euros to be paid to the seller of goods or services.
Reportedly, the ambitious partnership is still very much in its infancy with a pilot project planned for 2020. While it remains to be seen whether merchants will be willing to hop on the cryptocurrency bandwagon, Worldline says – if successful – it will consider rolling the service out to other European countries.
In what is being dubbed as the “most ambitious project to date to bring cryptocurrencies into the mainstream Swiss retail sector,” expert with inside knowledge on the matter believe that the market offering will likely take off as an e-payments service.
Merchants Incentive Yet to Be Decided
Commenting on the development, Armin Schmid, CEO, Swiss Crypto Tokens, said:
“A mass roll-out of cryptocurrency retail payments is only possible with the involvement of big players such as Worldline. Many Swiss retailers adopted Alipay to meet demand from customers. We believe our service will create demand for cryptocurrency payments.”
Schmid added that while the exact fee structure of the crypto payments service is yet to be determined, he believes that it will not cost merchants any more than accepting credit or debit cards.
As reported by Blockchain Reporter on May 24, 2019, major U.S. telecom company AT&T had announced that it would be accepting customer payments in crypto.