Spanish Telecom Behemoth Telefónica Weighs up Crypto Pay Choices

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The Spanish telecoms large Telefónica is mulling accepting crypto pay for “a few of its providers” – though it claims that its crypto tasks pertaining to funds are nonetheless within the strategy planning stage.

The director of the corporate’s Digital Unit, Chema Alonso, was quoted by the media outlet Europa Press as stating that the venture was nonetheless being analyzed and “has not but been accepted.” However Alonso acknowledged that one of many choices the agency is at present includes enabling funds via an trade (presumably a crypto trade) that may “instantly convert” a cell phone person’s crypto cost into fiat euros.

Alonso was talking to reporters attending the Cellular World Congress (MWC), the smartphone business’s flagship worldwide occasion, in Barcelona, Spain.

Alonso added that if adopted, this perform could be suitable with “a variety of cryptocurrencies,” and, the report continues “didn’t even rule out the potential for Telefónica creating its personal cryptocurrency, offering a positive regulatory setting have been in place beforehand.”

However a lot groundwork would have to be put in place beforehand, with a big “layer of safety and stability mechanisms” wanted.

Telefónica was the one telecoms agency included on final yr’s “Blockchain 50 checklist,” compiled by Forbes. It additionally has some expertise with crypto – notably bitcoin (BTC) through its Movistar subsidiary.

Final yr, it unveiled a coin named the movistar token, a crypto-powered loyalty factors program scheme, that rewards prospects for in-app actions, comparable to viewing sponsors’ advertisements and interacting with its automated AI-powered assistant. Customers can use these tokens to pay for his or her cell knowledge charges and pay-per-view sports activities streaming.

In El Salvador (the place BTC is authorized tender) since September final yr, prospects have been capable of pay in-store or on-line for Movistar knowledge packages, pay-as-you-go providers, and smartphones utilizing BTC. They’ll additionally use bitcoin to pay their month-to-month payments through the Movistar app or at shops, per the official Movistar web site.

Alonso has beforehand insisted that the Madrid-based telecoms agency, which additionally dominates a lot of the Latin American market, shouldn’t “turn into a mere spectator” within the Web3 and metaverse period.

He has beforehand mused:

“Should we enter the brand new cryptocurrency economic system to create new enterprise fashions? [This] is a completely essential query to ask.”

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Study extra: 
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