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Bitcoin Accepted! German Energy Giant Enables Payments

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Time will tell how many customers will accept Bitcoin as a method of payment for their utility bills, says Enercity which announced on Friday, September 16 that Hanover residents can now pay for their energy use with the virtual currency.

Enercity CEO, Dr. Susanna Zapreva, who made the announcement, said digitization has already been fixed into various parts of the everyday life of their customers and the introduction of Bitcoin payment is just a step on the road to the digital future.

In a statement from the company, it says digitization has changed the whole economy including the energy sector. Based on this, it believes that systems, transactions and networks will be decentralized and able to act independently of central institutions in the future.

Hence, Bitcoin is appropriate to achieve such a decentralized payment system.

Enercity – or Stadtwerke Hannover AG – is Hanover’s municipal utility and service company that provides the region with electricity, gas, district heating and drinking water. It has approximately 2,500 employees and a turnover of around EUR 2.3 Billion to be one of the ten largest energy companies in Germany.

The regional utilities company will accept the virtual currency as a regular payment through a world-purpose digital payment system that is implemented in cooperation with PEY GmbH in Hanover.

PEY allows the direct purchase of Bitcoin by debiting a user’s bank account directly via SEPA Direct Debit. The German FinTech and Blockchain startup’s new partnership with Enercity will allow customers in Hanover to pay their electricity, gas, district heating and drinking water with Bitcoin.

In addition to the special payment code that will now be included on every single Enercity invoice as from this month, the customer service office in the city center and Enercity’s headquarters will have PEY Payment Terminals ready for anyone who wishes to make a payment on the premises.

Enercity says this new payment option for their customers is aimed at setting new standards in customer service. This is particularly valuable because Bitcoin payment is not subject to geographical limitations but all that is needed is an Internet access and a Bitcoin wallet. Transfers of bitcoins also take place via a decentralized computer network (peer-to-peer) as opposed to centralized banking processes.

Image from Shutterstock.

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Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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