The largest online retailer in Switzerland Digitec announced it is going to start accepting digital assets for payment on its platform.
The company stated that they will be receiving payment for all their 2.7 million products in cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, XRP, Binance Coin (BNB), Litecoin, Tron, OmiseGo, NEO and Bitcoin SV. These cryptos would be used as payment for its numerous products which ranges from beverages to gaming accessories at a minimum amount of 200 CHF.
As one of the first online shops in Switzerland, Digitec Galaxus now accepts cryptocurrencies: customers of the two online shops digitec and Galaxus can now use Bitcoin Cash ABC, Bitcoin Cash SV, Ethereum, Ripple, Binance Coin, Litecoin, TRON, NEO or OmiseGO to pay for all purchases with a total of over CHF 200.– or more.
According to the report, this initiative was developed in conjunction with a Swiss payment processor, Datatrans and a Danish payment processing startup Coinify. The system allows customers 15 minutes of processing as payment is made and converted to fiat at a fee of 1.5 percent to avoid a violation.
The process of making payment with cryptocurrency on the eCommerce store is as simple as a customer choosing cryptocurrency as a payment option while checking out. The customer will be redirected to the Coinify website to select preferred payment crypto, he will receive a conversion rate with payment details in a text or RD code for 15 minutes. After completion of the transaction with the information received, Coinify will confirm payment within few minutes before Digital Galaxus processes customer’s order.
According to a report, Digitec Galxus choose to adopt cryptocurrency in an effort to reach a greater customer base which is the younger generation. And also update their business level and improve public assessment.
Oliver Herren, CIO, and co-founder of Digitec Galaxus Said,
Cryptocurrencies are fascinating and likely to become a relevant means of payment in e-commerce – we want to support this development,