Online Retailer Newegg Expands Bitcoin Payments to 73 Additional Countries

Newegg, the online retailer of computer hardware and other consumer electronics, announced on Wednesday it was to accept payments in bitcoin at an additional 73 country-specific stores.

The US-based company began offering payments in bitcoin at its US operations five years ago this month, making it one of the first online retailers to accept the cryptocurreny. 

Answering Customers’ Preferences

Thanks to the expansion announced on Wednesday it now accepts such payments in nearly all of the 80 countries in which it operates. President of global sales, Anthony Chow, said in a statement:

Broadening the ability to pay with Bitcoin to the majority of our global network underscores our commitment to bring innovation to the online shopping experience, and answers customers’ growing preference for our Bitcoin payment option.

Newegg partnered with BitPay in 2014 to first bring bitcoin payments to its US and Canadian customers, and it is in collaboration with the same service provider, also based in the US, that Newegg is expanding the offering.

Transaction Fees Cheaper than Credit Cards

BitPay charges fees to its clients to accept bitcoin as a payment from customers’ crypto wallets then convert it into dollars for deposit into the client’s account, although these fees are generally lower than those for making credit card transactions.

Sonny Singh, chief commercial officer at BitPay, said: 

Bitcoin allows users to send and receive money just as easy as sending an email, opening up opportunities for businesses and consumers globally as a secure, low-cost transactional option for the merchants. Newegg was among the first companies to see this opportunity and has continued to expand its Bitcoin acceptance to nearly all of its customers around the world.

Growing Acceptance of Bitcoin Payments

Newegg made number 173 on Forbes’ lost of the largest private companies in the US in 2017, after enjoying a 2.6% in annual revenues to $2.7 billion.

It is among a growing number of retailers showing interest in cryptocurrencies as a medium of payment. Overstock.com was also an early adopter of bitcoin payments, also accepting the cryptocurrency in 2014. 

More recently, Independent Grocers of Australia, a chain of independently-owned supermarkets, announced earlier this month a collaboration with bitcoin retail service provider TravelbyBit to offer customers point-of-sale bitcoin payment services.