Software developer Microsoft Corporation (MSFT) recently announced that customers can now make payments for its digital products using Bitcoins. The service is currently available only in the United States.

Microsoft has partnered with Bitcoin payment provider BitPay to facilitate payment on its website using the online currency. Microsoft will allow U.S.-based customers to use the virtual currency to add money to their Microsoft accounts. It will be offered as a payment option to purchase apps, games, videos and other content from its Windows, Windows Phone and Xbox online stores.

Bitcoin is as of now only a payment option for Microsoft’s digital products. Moreover, money added to a Microsoft account using Bitcoin is non-refundable. It can only be used to pay for the above mentioned items and not for any other Microsoft product or service.

Bitcoin is a digital currency platform with no central regulating authority involved in the transactions. The transaction takes place between the involved parties only. It is also called cryptocurrency because it uses military-grade cryptography to protect users against fraud. Payments using Bitcoin can be made via different smartphone apps or their desktop versions. This is generally used for transferring funds electronically and does not require a credit card or PIN.

This could be a big move for Microsoft as Bitcoin enjoys wide acceptance and enormous popularity. The popularity of the electronic currency platform will enable online enthusiasts to indulge in impulsive buying. The strict security measures adopted by the platform to ensure safety will be an added advantage for uninitiated buyers.

Other technology companies using the Bitcoin payment option are e-commerce service provider eBay Inc. (EBAY) and online travel agency Expedia (EXPE).

Microsoft currently holds a Zacks Rank #3 (Hold). A better ranked stock in the same sector is Advent Software, Inc. (ADVS), which currently sports a Zacks Rank #1 (Strong Buy).

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