- Spain’s largest telecommunications company now accepts Bitcoin and cryptocurrencies as payment for its e-commerce stores.
- Telefónica has partnered with Bit2Me to facilitate the real-time conversion of payments into euros.
- Telecom has reportedly invested in Bit2Me, with more details to be announced in the coming weeks.
Telefonica and Crypto Payments
Telefónica is Spain’s largest telecommunications company. Telefónica now accepts Bitcoin and cryptocurrencies as payment. As crypto adoption grows, businesses worldwide are gradually enabling crypto payments. Telefónica has reportedly begun accepting cryptocurrencies such as Bitcoin to purchase products on its tech marketplace.
This payment method has been added to Telefónica’s online technology marketplace Tu.com in partnership with Bit2Me. Customers can take advantage of “innovative payment methods” by simply clicking on the Bit2Me Commerce payment method at checkout. Telefónica reportedly invested in Bit2Me. Details of the investment will be announced in the coming weeks. Telefónica’s partnership with Bit2Me to bring cryptocurrency payments to that market was initially told when Bit2Me said on his Twitter:
“Telefónica chooses Bit2Me Commerce to accept crypto payments on tu.com🤝 @Telefonica enables for the 1st time crypto payment for purchasing devices, and does it by the hand of Bit2Me Commerce, the payment gateway for companies🚀”
Users who want to use this new feature add the product to their cart. The next step is to select Bit2Me Commerce before paying. There is a minimum purchase limit and a purchase limit ranging from $200 to $500.
Once the checkout process is complete, Bit2Me will convert your chosen payment method into euros in real time. This removes all technical barriers for merchants like Telefónica.
Interest in Bitcoin and cryptocurrencies continues to grow in Spain, with professional football team RCD Espanyol becoming the first La Liga team to accept a new payment method last summer.
Spanish airline Vueling will start accepting Bitcoin in 2023. Vueling has partnered with the provider of cryptocurrency payment services, BitPay, to facilitate new payment methods.
Other Companies That Accept Crypto Payments
Various brands have recently diversified their payment systems. The attempt is to take advantage of new technologies. This offers an improved experience for their customers. Gucci announced in May that some of its stores would start accepting cryptocurrencies such as Shiba Inu, Dogecoin, Bitcoin, and Ethereum.
Balenciaga started accepting Bitcoin and Ethereum as payment methods for specific merchants.
Mexican restaurant chain Chipotle announced it would accept cryptocurrencies as a payment method. It reflects what happened after Ethereum’s recent consolidation. The major grocery chain noted a whopping 99.95 percent discount on Steak Bowls. This marks the Ethereum network consuming 99.95 percent less energy after the merger.
Telefónica’s influence on the Web3 world is demonstrated with the NFT Marketplace.
Users can browse and purchase NFTs from a list of their choice. This marketplace is active on the Polygon network and integrated with the cryptocurrency wallet Metamask. Most companies in the industry are looking to move into the metaverse and establish evolving technologies. Telefónica does not seem to be neglected either.