By CCN: When AT&T became the first major mobile provider to accept bitcoin for bill payments through the AT&T website and the myAT&T mobile app, 150 million AT&T customers received the opportunity to pay their cell phone bill using cryptocurrency.
“Whenever a Fortune 500 company accepts bitcoin, it’s always pretty interesting, because they don’t need the revenue,” says BitPay Chief Commercial Officer Sonny Singh, speaking to CCN. “And, the big brands are a little more conservative, while bitcoin is a newer payment option. You would think the cooler companies would be rushing to accept bitcoin before Dish Network, AT&T, and Microsoft.”
BitPay Exec Gives Inside Scoop on AT&T’s Shock Crypto Play
But, it’s been the other way around, Singh told CCN, speaking in an exclusive interview providing the inside scoop on how his company helped AT&T take the leap into crypto payments even as some come countries mull outright bans on bitcoin ownership.
“Big companies are the ones that are being more innovative than the smaller companies,” he says. “The smaller companies are new to the payments space. They don’t understand how it works, and they are just so busy with their road map. They can’t see that by adding bitcoin, they’re going to increase their revenue a couple of percentage points every month. They don’t seem to care about that, though its cheaper than a credit card, too. The big brands see that this is innovative, and they want to be a part of that.”
How AT&T Began Accepting Bitcoin
BitPay first began discussing bitcoin payments with AT&T about a year and a half ago.
“We stayed in touch and pitched them on different ideas about how they can accept bitcoin,” Mr. Singh told CCN.
Ultimately, the telecommunications behemoth decided to move forward with bitcoin about six months ago, even as the bitcoin price…