On March 19, a popular Swiss online retailer Digitec Galaxus announced it would now accept cryptocurrencies for payment.
Digitec Galaxus AG is the biggest online retailer in Switzerland. It operates the digitec and Galaxus online shops as well as ten stores in the German- and French-speaking parts of Switzerland. Founded in 2001 by Florian Teuteberg, the company is owned by Migros, Switzerland’s largest retail company, its largest supermarket chain, and largest employer.
The store offers some 2.7 million products – electronics, home décor, appliances, kitchen utensils, coffee, tea and more.
Online shoppers can pay with all the cryptocurrencies supported by Danish crypto payments startup Coinify, including Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, NEO, and OmiseGO. Coinify offers immediate cryptocurrency conversion to Swiss francs which eliminates the danger of price fluctuations for both the customer and online retailer. In essense, the payment processor holds the current exchange rate for 15 minutes. As Digitec’s website advises, in order for the payment to be processed with a fee of 1.5%, shoppers should use transaction fees with the highest priority within 15 minutes.
Along with a new payment option, the company added a crypto wallet category to its platform and a dedicated guide. The company also published a blog post by the company’s chief innovation officer Oliver Herren and an interview explaining the blockchain and introducing Digitec’s engineering team. Oliver Herren told they have been thinking of adding the cryptocurrency payment option for some time and sees cryptocurrencies as a natural step in the evolution of online payments. He added:
“Cryptocurrencies are fascinating and likely to become a relevant means of payment in e-commerce – we want to support this development. Of course, I’m expecting all crypto millionaires in Switzerland to only buy from us in the future ;-).”
The new payment method is available only to Swiss shoppers, but the company plans to add it in its German store, too.
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