Bill Paying Pioneers
Cryptocurrency and blockchain are at the forefront of our shift towards a truly digital and increasingly global economy. Of course, the political realities of borders and security remain a necessary consideration. But the rapid advance of technology and the borderless nature digital tech offers means once security has been guaranteed, the potential for digital payments to be more seamless, speedier, and more affordable with smaller transaction fees, is immense. Â
When it comes to day by day bill paying, the rise of cryptocurrency has been especially exciting in this regard. While not yet a global offering, on a national level it is already possible to pay bills with crypto, and these early endeavors offer promises for nations near and far.
Thanks to a partnership between two Melbourne, Australia-based digital businesses, Australians can now pay utility bills using cryptos. The crypto exchange Cointree and Gobbill, a startup firm that seeks to usher in a revolution in digital payment automation, now allow Australians to pay their regular utility bills with up to a hundred different cryptocurrencies.
This regardless of whether the bill issuer accepts cryptocurrency as a form of payment, as Gobbill serves as an intermediary, taking care of the conversion process. In doing so, this new offering serves as proof positive consumers locally and globally can look forward to more seamless payment processes in future thanks to cryptos growing acceptance.
Progress here is also the latest step in a wider digital payment revolution we’ve seen progress at blistering speed in recent years.
Dollars and Sense
Recent years have seen an incredible convergence in this space across multiple fronts. Since the original iPhone launched in 2007 we’ve seen the rise of payment options via smartphone apps. At their simplest, this has resulted in using a mobile version of a desktop website to pay for goods as normal. Also, buying apps and content from various app stores.
Yet recent years have also seen a surge beyond this into easy payment options with fiat currency. Not only have many banks released ‘contactless’ phone covers that allow for digital payment at tap-and-go terminals, but new tech like Apple and Google Pay have seen the payment option integrated directly into smartphone devices. This is compliment to the eCommerce revolution seen alongside it with the rise of Shopify and Co.
There do remain issues to resolve in this space. Especially because part of what makes cryptos so promising also represents some of their current challenges. But this is also not confined to cryptos, but to the digital payment arena generally.
Put simply, while bill paying with cryptos may still have some hurdles to clear before it became a global and universal form of payment, the digital economy generally still has progress to make.
Whether someone is a crypto enthusiast or not, given digital payments will only become more common, all of us have a shared interest in seeing security grow alongside availability in the future.
Provided security can be guaranteed, the rise of new digital payment forms is exciting not only for the benefits it brings today but the platform it offers for future innovation tomorrow.
