AT&T announced on 24th May, 2019 that it would start accepting Bitcoin as a payment option from its 150+ million subscribers. Mobile carrier’s decision would assist in taking cryptocurrencies to the masses.
The company has teamed up with BitPay to allow its customers to pay bills for their mobile usage via its app or online. BitPay which is amongst one of the most well known payment service providers in crypto, is going to process the payments made in cryptocurrency for AT&T, BitPay will also convert the crypto into fiat currency.
Although most seem to see the move as a positive one for crypto users, a former hedge fund manager for cryptocurrencies at Passport Capital, Joe McCann, speculated that the company probably had data which showed that more millennials were utilizing digital currency payments.
McCann said in a message to The Block, “Maybe AT&T has internal data that shows more millennials using/requesting payment capabilities in crypto.” He then asked, “what upside does AT&T have in supporting crypto payments?”
McCann questioning the data may not be completely off-base. The vice president of AT&T Communications Finance Business Operations, Kevin McDorman, said the reason for expanding the payment options was because of the increasing number of customers using cryptocurrency.
McDorman said in a statement, “We’re always looking for ways to improve and expand our services. We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
Sonny Singh, the chief commercial officer at BitPay, appreciated AT&T for the partnership, on which the companies started working on a year ago when BitPay reached out to them.
Sonny Singh said, “AT&T did a great job making this happen.”
“The big companies want to learn,” said Singh. “We’ve met with executive teams at many Fortune 500 companies to explain them how [crypto] works and we brainstorm on how we can work together.”
What other big steps do you think the cryptocurrency market will take before replacing fiat currencies completely? Share your thoughts in the comments below.