As crypto awareness widens across the globe, major market players began accepting it as a means of payment. Switzerland’s largest online retailer, Digitec Galaxus has announced to accept the Bitcoin and other cryptocurrencies for about 2.7 million products.
Crypto Payment on Rising
Digitec Galaxus AG is reportedly a big believer in emerging technology – thereby kick-started with accepting other cryptocurrencies beside Bitcoin. Per the announcement, the platform is enabling its customers to use Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Binance Coin (BNB), NEO (NEO), TRON (TRX), OmiseGo (OMG) when buying any product from its store. The announcement is a result of the new payment system recently developed by its software team called Team Specter. Consequently, all transactions will be made via Coinify, a Danish crypto payment processor – in conjunction with Datatrans AG, a Swiss e-payment specialist. It is, however, a pilot project by the team.
“Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce. We would like to support this development,” says Oliver Herren, Digitec co-founder, and Chief Innovation Officer. “We wanted to do that for a long time, but the effort was too long for a long time.”
Switzerland’s quick consent to crypto and tech emerging trends made it as the ‘new crypto hub’. According to the reports, the system of the payment will remain open only for 15 minute time which completes all the payment with 1.5 percent fee – resulting in the stable exchange rate within this 15 minute time window. Means that the checkout page of crypto payment will be redirected to Coinify website which helps you pay via cryptocurrency for the products purchased from Digitec Galaxus.
With the budding interest in online shopping among web users, E-commerce or online shopping stores are increasing at a rapid pace. Acceptance of cryptocurrency payment among these platforms will eventually increase the awareness of decentralized payment across the globe and subsequently enable users to access a new way of payment beyond bank transfer. Addressing the reason behind company’s quick acceptance of crypto, Oliver Herren explains that;
Because you have some and you want to use them. Or because you cannot turn them into real money because your bank does not accept it. Or maybe just because you can and like to try new things.
As noted, the initiative is a pilot project and will be available only to the residents of Switzerland or the Swiss customers at the initial stage. Upon the successful implementation, Digitec Galaxus is aiming to extend crypto adoption across Germany as well.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com