Back in June we covered the inception of Canada based bitcoin payment facilitation company YesToBitcoins.com. The company allows bitcoin users to purchase gift cards that can then be spent at places like Amazon, Starbucks and Best Buy. Today the company announced it had taken the concept a step further. As well as buy gift cards, credit card users can now pay their bills with bitcoin on the site.
The site supports a range of cards from the leading providers – including American Express, MasterCard and VISA. Regarding the innovation, Darwin Ramon commented:
The idea came from asking, why can’t I use Bitcoins to pay my credit card bill? … The technology is already here, so why do I have to wait until the banks catch up?
It is my goal to facilitate the inclusion of bitcoins in the established economy … If anything you put on your credit card, can be paid with bitcoins, then anything you buy can be paid with bitcoins.
The company has adopted BitPay as its payment processor, and will use PC Financial Bank as its payment-clearing organization.
With all the furore surrounding payment processors such as Western Union and MasterCard as late, we see this as an interesting development in the space. Will you use the site to pay your credit card bills? We’ll certainly be giving it a try!