Prominent European payment infrastructure provider Worldline has teamed up with financial services firm Bitcoin Suisse to allow cryptocurrency enthusiasts to spend their bitcoin in Swiss shops.
This content was published on
3 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
Worldline last year took over SIX Payment Services, the former arm of the Swiss stock exchange group that provides payment card terminals in 85,000 Swiss retail outlets. The French company now wants to hook this infrastructure up with cryptocurrencies.
It has signed a letter of intentExternal link with Swiss crypto company Bitcoin Suisse, which will act as a go-between, converting bitcoin into Swiss francs that will be used to pay for goods and services in Switzerland.
The partnership is still at an early stage with a pilot project planned for 2020. Once it finally goes live, at a date that has yet to be determined, it remains to be seen how many merchants will sign on. If successful, Worldline says it will roll the service out to other European countries.
Ambitious
The Worldline/Bitcoin Suisse deal is the most ambitious project to date to bring cryptocurrencies into the mainstream Swiss retail sector.
Earlier this year, Switzerland’s largest online retailer, Digitec Galaxus, teamed up with e-payment specialist Datatrans and Danish crypto firm Coinify to accept cryptocurrencies as a means of payment.
The luxury Dolder Grand hotel was among a handful of early adopters of the Swiss Inapay system that allows merchants to take cryptocurrency payments without having to handle it themselves.
The latest crypto retail payments offering will most likely start life as an e-payments service, according to Armin Schmid, CEO of Swiss Crypto Tokens, a division of Bitcoin Suisse.
Fee structure
Schmid, who used to work at Swiss Payment Services and Paypal, believes that the service will be enticing for retailers, even though it plans to start on a small scale.
“A mass roll-out of cryptocurrency retail payments is only possible with the involvement of big players such as Worldline,” he told swissinfo.ch. “Many Swiss retailers adopted Alipay to meet demand from customers. We believe our service will create demand for cryptocurrency payments.”
The fee structure for using the service has yet to be defined, added Schmid. But he believes it will not cost merchants any more than accepting credit or debit cards. It will initially concentrate on bitcoin, with the option of including other cryptocurrencies at a later date.
Efficiently using cryptocurrencies, such as bitcoin, as everyday payments also hinges on smoothing out huge exchange rate volatility with traditional currencies. Such a service would also have to convince regulators that it is not being used to launder money.
Popular Stories
More
Swiss Abroad
Aussie adoptee gains Swiss citizenship at 54 thanks to old envelope
Swiss President Karin Keller-Sutter makes official visit to Austria
This content was published on
Karin Keller-Sutter, who took over the rotating Swiss presidency this year, has made her first official visit abroad as president to Austria.
This content was published on
The boss of Swiss Post, Roberto Cirillo, is stepping down at the end of March after six years in the job, the company announced on Friday.
This content was published on
The name and logo of the former Credit Suisse headquarters at Paradeplatz 8 in Zurich's financial centre were officially replaced by those of UBS on Friday.
Outgoing Swiss federal police chief warns of insufficient resources
This content was published on
The outgoing director of the Federal Office of Police (Fedpol), Nicoletta della Valle, has warned that officers, prosecutors and investigators in Switzerland have insufficient resources to do their work.
Swiss university inaugurates Europe’s most powerful centrifuge
This content was published on
The federal technology institute ETH Zurich has inaugurated Europe's most powerful geotechnical centrifuge. Researchers use the instrument to simulate the effects of natural hazards.
Swiss film industry reports successful year in 2024
This content was published on
Swiss films did well in cinemas in 2024, recording over 907,000 admissions, the Federal Statistical Office (FSO) reports. They accounted for almost 9% of all films shown last year in Switzerland.
Glencore and Rio Tinto held talks on mining’s biggest-ever potential merger, say reports
This content was published on
The Swiss-based mining and commodities group Glencore and the British company Rio Tinto reportedly held early-stage talks last year about combining their businesses.
First municipalities begin Swiss-wide plastic packaging recycling scheme
This content was published on
A new collection system to recycle plastic packaging and drinks cartons has begun in a handful of Swiss municipalities - others should follow in the coming weeks.
This content was published on
Despite an ongoing restructuring programme, Swiss retail giant Migros continued to grow last year by 1.6%, posting record sales of CHF32.5 billion ($35.7 billion).
Swiss researchers warn ‘mega-droughts’ are spreading around the world
This content was published on
"Mega-droughts" are increasing worldwide - becoming more frequent, hotter and more widespread over the past 40 years, a study published on Thursday shows.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Cryptocurrencies accepted by Switzerland’s biggest online retailer
This content was published on
The move may go some way to answering the question posed by many bitcoin holders: “I have cryptocurrencies, now what do I do with them?” Created in 2008, bitcoin was the first blockchain-based peer-to-peer payment system designed to rival currencies printed by governments. And in the last decade, hundreds of bitcoin imitators – commonly referred…
This content was published on
One of Switzerland’s most prestigious hotels, a luxury car dealer and a wine merchant will soon start accepting payments in bitcoin.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.