A1 recently announced that users of its cashless payment app can now conduct crypto payments which retailers will receive in fiat.

Austrian A1 Telekom (WDAG: TKA) has introduced the use of crypto for payment. According to a report on the company’s website, A1 Payment now accepts digital currencies like Bitcoin, Ethereum, and Dash for cashless payments. With this development, retailers in Austria will have other payment options apart from common methods with Maestro or credit cards.

On the 27th March, the leading Austrian Telekom provider, A1 Telekom unveiled the new payment option. In the report, the company said:

“With A1 Payment, retailers across Austria have the possibility to accept digital currencies. In addition to all common payment methods with Maestro or credit cards, payments via online platforms such as AliPay as well as risk-free transactions of digital currencies like Bitcoin, Ethereum or Dash are now possible.”

A1 Offers Crypto Payment Option

Referring to the benefits of the new option, the report revealed that retailers now have different payment alternatives available for users. When users pay with digital currencies such as Bitcoin, ETH or Dash, the payment will be converted into euros in real-time.

A1 Payment allows retailers to receive “purchase price in euros,” the company added. With this, retailers avoid payment of any exchange rates or currency risk. Also, A1 Telekom has simplified the crypto payment methods, so retailers do not need to have deep knowledge of cryptocurrency. In addition, A1 is confident that the adoption of crypto payments will allow companies to meet their customers’ diverse needs.

A1 Telekom Austria is a part of A1 Telekom Austria Group. According to the company’s LinkedIn profile, the A1 Telekom Austria Group is a leading provider of digital services and communications solutions in Central and Eastern Europe. Founded in 1881, The Telekom Group provides services to over 24 million users in communication, payment, entertainment services, and integrated business solutions. Across Austria, the company services 6.2 million mobile phone users.

A1 Second-Quarter Report

A1 Telekom Austria Group’s second-quarter showed total revenue of EUR 1.096 billion, which equals $1.2 billion. This is a 2.4% loss over last year’s Q2 report of a EUR 1.123 billion gain in revenue. Considering the coronavirus pandemic’s effect, the company predicts a 2% decline in total revenue at the end of 2020. However, the company reported a 62.7% increase in net profit. This is EUR 113.8 million over its EUR 70.0 million profits made in 2019’s second quarter.

In addition, A1 Telekom also plans to limit some of its investment moves for the year, including a 5G investment. According to a Reuters report, the company plans to cut a total of EUR 770 million from its initial investment plan.

With a market cap of EUR 4.29 billion, TKA is presently trading at EUR 6.42, a 0.62% reduction over its previous close of EUR 6.46. Currently, at a loss of over 4% in the past year, the company has also declined by 11.81% in 2020. In the past three months, TKA fell 0.31% and dropped 3.17% in the last five days. However, its 1-month performance shows a 4.39% gain.

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Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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