German Energy Giant Now Accepts Bitcoin for Utility Bills

Customers of one of Germany’s largest energy providers Enercity can now pay their electricity bills with bitcoin, the company announced today.

Also read: KPMG Collaborates with Microsoft to Offer Blockchain Services

Hanover Residents Can Pay Utility Bills With Bitcoin

Enercity provides both the public and industry with electricity, gas, district heating, and drinking water. One of the ten largest energy companies in Germany, it has approximately 2,500 employees and a turnover of around 2.3 billion EUR . It provides energy and services for residential customers in Hanover and the Hanover region, as well as for business customers throughout Germany. 

The company supplies more than 650,000 people with electricity, gas, heat, water and energy services in the district of Hanover, according to Wikipedia. Enercity has cited increasing popularity of Bitcoin and its ability to “act independently of central institutions” as the reason for the decision.

It stated in its press release:

Digital payment methods such as Bitcoin are becoming increasingly popular. Enercity therefore now allows bills to be paid with Bitcoin.

Digitization has transformed the entire economy and the energy sector in particular, the company added. However, unlike traditional banking institutions, Enercity sees a future of decentralized transactions and networks, “not subject to geographical limitations.”

“The digitization is fixed already in many areas part in everyday life of our customers,” Enercity CEO, Dr. Susanna Zapreva, explained. “We want to offer the best energy services for our customers in all respects. The possibility of Bitcoin payment is only one step on the road to the digital future.”

Paying Energy Bills With Bitcoin

People can already pay for some utility bills using third-party services such as Bankymoon and Canada-based startup, Bylls. However, Enercity is the first known municipal utility company to accept bitcoin directly. Payments can be done directly from the Enercity site or the company’s terminal at the Enercity KundenCenter in Hanover.

Customers can pay with bitcoin by setting up a wallet with either Enercity’s payment processing partner PEY GmbH (a partner of BitPay) or any other functional bitcoin wallet service provider.

Standing orders for bitcoin payments are not possible, however. The company explains, as those wishing to pay with bitcoin must trigger the payment monthly. Bitcoin’s “push” transaction design, ensuring full control over your funds, makes the monthly trigger necessary. This comes in contrast to the traditional “pull” transaction model.

Though, the fact that this is a German company is no surprise. Many recognize the country’s landscape as fertile ground for fintech and blockchain innovation. With a steadfast approach to Bitcoin and blockchain technology, Germans seem to be open when it comes to fintech and blockchain development.

Enercity customers can find out more on how to pay with bitcoin here.

Do you think other major companies will follow Enercity’s lead? Let us know in the comments below! 

Images courtesy of enercity.de, positive-energie.de, Shutterstock.

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