Swiss National Railway to Sell Bitcoins

Executive Brief

Being able to purchase Bitcoins simply and easily in convenient locations is a proven way of getting more people to try the digital currency. The Swiss national railway, Schweizerische Bundesbahnen must agree, as they have just announced a new program that begins in November. From then, select automatic ticket machines will also allow the purchase of Bitcoins. Over the next two years, the entire network of payment machines, over 1000 situated right across the country, will be adapted to include digital currency purchases alongside tickets.

Read the full story below. 

Schweizerische Bundesbahnen (SBB), the Swiss national railway service, has just launched a new initiative that promises to make Bitcoin purchase in the country much easier and accessible. The new system will incorporate Bitcoin purchases into the company’s existing electronic ticketing machines, allowing anyone to purchase bitcoins with just a Swiss phone number and a mobile Bitcoin wallet address.

The new machines will allow purchases of between $20 and $500 worth of Bitcoins each transaction, so enough for a first-time user to try out the digital currency for most things. The rail service provider has also put an easy to follow guide on their website for new users to set up a wallet before making purchases and notes the locations of the machines currently active for purchases. The SBB website also highlights the benefits of Bitcoin use, citing very low transaction fees, and the increasing number of businesses and services worldwide who accept payment in the digital currency.

With over 1000 of the ticket machines in operation, the addition of bitcoin purchasing to such a widespread network is significant. The changes will be rolled out over the next two years until all machines sell both tickets and cryptocurrency. Such a large number would represent the largest single network of automated Bitcoin machines in any country.

The system, developed by digital payments firm SweePay, allows users to purchase Bitcoin either through debit card payment or with Swiss Francs in cash. At this time credit card payments and not accepted, and the transaction fee is set at 6%. The restrictions to purchasing limits, credit card payments and needing a Swiss phone number are all in place to ensure full compliance with local legislation for a FUNMA currency exchange business.

New and easier ways to purchase Bitcoin are always welcome as they introduce new people to the concept of digital currencies and broaden the user base. This one is particularly significant due to the number of vendor machines that will come online over the next two years, 1000 machines make it the largest roll-out from a single company in a single country so far.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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