First savings market in Zug: Pay now possible with Bitcoin!

First savings market in Zug: Pay now possible with Bitcoin!

In a significant step for the acceptance of cryptocurrencies in retail, a savings branch in Zug, Switzerland, has started to accept Bitcoin as a means of payment. This project is operated by the Swiss company DFX Swiss and represents a test run, which according to OE24 could.

The Bitcoin payment method is introduced using a QR code that is scanned on the smartphone, followed by a few clicks, so that the process is similar to paying with digital credit cards. However, users need a digital wallet, such as the Phoenix Wallet, to save and use Bitcoin. Despite this progress, the general acceptance of Bitcoin in Swiss retail is still limited. Most of the time, payment is made only via detours, such as the use of crypto voucher cards, reports .

cryptocurrencies are becoming increasingly important in the payment system, supported by digitization and growing acceptance of alternative payment methods. Corona pandemic not only accelerated this development, but also increased the awareness of cashless payment methods, as can be seen from information from madebybrain.com . The advantages that cryptocurrencies such as Bitcoin offer are greater security and anonymity, despite the challenges in the efficiency of transaction processing.

In Switzerland, further steps to integrate Bitcoin were taken, for example the city of Zug allows the settlement of taxes in cryptocurrency. The online retailer Digitec Galaxus also accepts Bitcoin, which indicates a gradual, although fragmented acceptance of cryptocurrencies in the trade. The ongoing project of DFX Swiss could be successful to change the payment in the region sustainably.

The future development of payment transactions will be strongly shaped by innovations. The integration of blockchain technology and the introduction of digital currencies could influence significant decisions for future transactions and consumption behavior. Providers see great potential in the variety of payment methods, including prepaid cards and digital wallets, to meet the needs of consumers.