Some distributors of high profile Swedish retail brand Hennes & Mauritz or better known as H&M will now start accepting cryptocurrency as payments.
These distributors will use the cryptocurrency e-commerce platform Chimpion in order to accept the cryptocurrency payments.
These particular H&M distributors trade in cost- effective lighting, which includes replacement ballasts, lamp holders, and accessories for lamp holders. As of now, the platform will reportedly accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).
Traders and merchants have often faced the difficulty of not being able to accept international payments. This hurts their business since many international customers are turned away.
Cryptocurrency has emerged as the best alternative to traditional fiat currency and it is really viable to use as payment for cross border transactions. So this decision was primarily to ensure that anybody can send a cross border payment without any difficulty.
Cryptocurrencies truly allow for a universal and global system of finance that connects people across borders.
H&M Distributors founder and CEO Herb Needham stated in a press release:
After more than 20 years in the business, we consider ourselves experts in speciality lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. Further, what sold us was the settlement system, which allows us to convert crypto paymentsto a USD equivalent right away.
This move definitely comes as a win for the crypto fraternity who are always pushing for greater acceptance of the digital asset.
The acceptance of cryptocurrencies allows the company to
“pass on even more savings to [its] customers” by way of “drastically reduced transaction fees […] and freedom from chargebacks.”
This seems like a great step forward towards financial inclusion and should garner the company enough praise from the cryptocurrency fraternity.