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Ticket agency London Theatre Direct to use Bitcoins

London Theatre Direct has announced it is to accept Bitcoins as a payment, claiming it has become the first ticket agency to use the digital currency.

The online retailer has said it hopes the money it saves by using this type of payment can be passed onto customers, resulting in cheaper ticket prices.

Bitcoin, which is an instant online exchange of money, is cheaper than other payment methods – such as credit cards – because it reduces the transaction fees charged to merchants.

London Theatre Direct managing director Francis Hellyer said: “It is our belief that the costs saved by more and more people adopting payment methods like Bitcoin can be passed directly on to our customers, resulting in cheaper prices and more secure, faster and more mobile-friendly transactions.”

He added: “Bitcoin is an exciting, experimental, decentralised digital currency that enables instant payments to anyone, anywhere in the world. We want to embrace new methods of accepting payments online.

“Although Theatreland is typically a little slower on the uptake of newer technologies, we have been pushing very hard over the past few years to set an example to the industry by experimenting with new technologies.”