A press release issued by Newegg on July 24, 2019, has revealed that the online electronics retailer will now accept payments in Bitcoin in 73 additional countries.Five years ago, Newegg became one of the earliest adopters of Bitcoin (BTC), after partnering with BitPay to facilitate cryptocurrency payments.
Newegg Expands Worldwide Bitcoin Payment OptionsIn 2014, Newegg started accepting BTC payments in the US and Canada. Since its implementation, the company has claimed that not a single chargeback has been required for any Bitcoin transaction. Anthony Chow, Newegg’s global sales president, has stated:
“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.”BitPay, the cryptocurrency payment processor which is used by Newegg, processed over $1 billion worth of transactions in 2018. Additionally, BitPay enabled Newegg to increase their margins on each transaction by avoiding credit card fees and other intermediaries that are typically involved in fiat payments. Sonny Singh, BitPay’s Chief Commercial Officer, said that Newegg was among the first companies to recognize Bitcoin as a viable payment option and has continued to expand the cryptocurrency’s acceptance. Bitcoin’s value has varied significantly over the past few years, but its preferred usage as an international currency has caught on with retailers, who are increasingly incorporating it in their payment systems.