Fueling Up with Crypto: How a Croatian Company is Paving the Way for Digital Payments at the Pump
The Rise of Crypto Payments in Croatia
In a groundbreaking partnership, Electrocoin, a crypto-payments processing firm, is teaming up with a local oil and gas company in Croatia to enable drivers to pay for their fuel using cryptocurrency. This bold move could set a trend for digital payments in a country that’s slowly warming up to this tech marvel.
Partnership Details: What You Need to Know
According to Poslovni Dnevnik, commuters can now fill up at any of the 46 Tifon fuel stations across Croatia using cryptocurrencies like Bitcoin (BTC), Ether (ETH), Stellar Lumens (XLM), XRP, and EOS. Tifon is integrating PayCek, Electrocoin’s payment platform, into its current system, making crypto payments as easy as turning on the ignition.
Tifon’s Strategic Move: Catering to Tourists
Ana Lokas, Tifon’s CFO, expressed optimism that this initiative will attract foreign tourists. Apparently, these travelers are quite keen on using digital currencies, a habit that could accelerate the growth of crypto payments in the country, even as the pandemic situation evolves.
How Does It Work? A Simple Breakdown
So how does this work without leaving Tifon in a lurch? Nikola Škorić, the founder of Electrocoin, explains the process: when a driver fills up their tank for HRK 400, Tifon is notified through PayCek that the payment has been processed. Tifon receives its HRK 400 immediately, meaning they’re not left holding the bag, even if the crypto market goes on a wild ride.
Looking Ahead: Crypto’s Future in Payment Systems
Despite the challenges, Škorić remains optimistic. He argues that while Bitcoin started as a payment method, it’s often viewed now as an investment. But partnerships like the one with Tifon illustrate a comeback for cryptocurrencies in their original role – facilitating transactions. While Lokas admits that crypto payments are “still in their infancy” in Croatia, the wheels of progress are certainly turning. After all, a few years back, a trial was conducted allowing residents to cash in crypto at select post offices, proving that Croatia is not completely behind the curve.
