Swiss Giant Digitec Galaxus Accepts Cryptocurrencies
Major Swiss-based retailer Digitec Galaxus now accepts cryptocurrencies for purchases made on its online platform.
Announcedon March 19, the move is intended to allow customers access a variety of payment options and attract a growing number of crypto holders in a country that is seen as among the most crypto-friendly in Europe.
The online giant now accepts payments made in most of the top cryptocurrencies in the market, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP).
Other coins that users can use to purchase goods include Litecoin (LTC), Bitcoin SV (BSV), Binance Coin (BNB), NEO (NEO), Tron (TRX), and OmiseGO (OMG). Customers will be allowed to use cryptocurrencies when buying goods worth over CHF 200 (approximately $200).
Digitec Galaxus stated in its press release that its shops provide access to almost every item users might fancy buying using crypto, from beer to PCs. In total, users will find 2.7 million products on its online stores.
Co-founder and CIO Oliver Herren noted that crypto was increasingly being used around the world and could easily become the payment of choice in e-commerce. He added that the Swiss firm’s goal was to support growth within this sector.
Digitec’s payment system is a joint venture between the firm and Switzerland based payment processor Datarans. The pilot project also features Coinify, a cryptocurrency payments startup based in Denmark.
According to the firms, the new system allows customers to access the payment process via a window that opens for 15 minutes. The designated time is meant to give the customer the opportunity to complete the payment.
During the time the window remains open, the exchange rates for crypto displayed on the platform remain unchanged and once completed, customers pay a 1.5 percent fee on each transaction.
Digitec Galaxus has also introduced a crypto wallet category, with an accompanying guide meant to help users get a hold of concepts like cryptocurrency, blockchain, and the crypto payments space. A blog postby the company also focuses on its crypto engineering team and their role in the crypto integration process.
The move to accept crypto follows a growing trend that has seen merchants and business warm up to the use of digital assets. Digitec Galaxus’ net sales for 2018 was reported to hit $216 million, and the world’s number 341online retailer may report even better revenues given the potential to attract a new crop of shoppers who fancy the anonymity of crypto payments.