Microsoft Adds Bitcoin To Its Payment Option
Bitcoin continues to grow in strength and popularity as more companies continue to adopt it as a digital payment option. Now Microsoft has joined the growing lists as the software giant announced it has added the digital currency as a payment option for payment for Xbox Games and mobile content.
The company (Microsoft) announced its US-based customers can now use Bitcoin to add money to their accounts, which can now be used to purchase content of the choice.
“Starting Thursday in the U.S., by using BitPay, the world’s leading bitcoin payment processor, you can trade-in bitcoin – at current market value — and add it to your Microsoft account. Those funds can then be used to purchase content in the Windows Store, or in stores that house Xbox Games, Xbox Music or Xbox Video,” Microsoft announced in a blog post.
Thursday’s announcement is a result of integration with Bitcoin, and adds another major tech player to the Bitcoin ecosystem. Speaking on the move, Microsoft’s Corporate Vice President of Universal Store, Eric Lockard said the move could be part of a long-term plan that finds it embracing digital currency.
“For us, this is about giving people options and helping them do more on their devices and in the cloud,” says Lockard. “The use of digital currencies such as bitcoin, while not yet mainstream, is growing beyond the early enthusiasts. We expect this growth to continue and allowing people to use bitcoin to purchase our products and services now allows us to be at the front edge of that trend.”
With this new move, bitcoin will appear as an option for individuals who wish to add money to their Microsoft accounts. On the process of transferring bitcoins, Microsoft explained in the same blog post that customers will need to choose the amount of money they wish to add to their Microsoft account.
“If you want to transfer your bitcoins, you first need to select the amount of money to add to your Microsoft account. BitPay calculates the equivalent amount in bitcoin and delivers that information, along with a BitPay Bitcoin address and payment instructions. You then pay the displayed amount of bitcoin from your bitcoin wallet to complete the transaction. Currently, BitPay supports more than 50,000 businesses, including TigerDirect, Virgin Galactic and Newegg.”
Microsoft however, emphasised that customers can’t use the virtual currency to pay for other services offered by the company besides the ones that have been mentioned.
The company also announced that a daily cap of $1,000 or its equivalent in a customer’s country or region has been placed on each account.