Canadian credit cards can now be paid off with bitcoins thanks to the startup YesToBitCoins.com, FinExtra reported.
Founded in June by Darin Ramon — a bitcoin-enthusiast — has made it so all Canadian credit cards have the ability to settle payments using the digital currency. The payments option includes 23 types of MasterCards, 33 types of Visa cards, and four types of American Express cards. YesToBitcoins.com started as an online service to purchase retailer and global brand gift cards, but has now extended its reach to banking.
“The idea came from asking, why can’t I use bitcoins to pay my credit card bill?,” Ramon told FineExtra. “The technology is already here, so why do I have to wait until the banks catch up?
The service is said to be a seamless process for bitcoin users that allows them to securely use Bitpay to make credit card payments. Bitpay makes the bitcoin payment and the the actual credit card payment is made through PC financial bank, FinExtra reported.
“If bitcoins can be spent, bitcoins are useful,” Ramon said. “It is my goal to facilitate the inclusion of bitcoins in the established economy.”