Digitec Galaxus is considered as Switzerland’s very own Amazon. The company, which is the biggest online retailer in the European country with a staff of approximately 1300, has surprised the crypto community with its decision of accepting digital currency as payment. The report was brought to light by Watson, a Swiss news outlet.
Digitec Galaxus, headquartered in Zurich, has its presence across the nation and was reported to have made revenue of more than 992 Million dollars in the previous year.
The e-retailer has chosen to extend support to both bitcoins and altcoins. That means consumers can now use their bitcoin, ETH or Ethereum, LTC or Litecoin, XRP or Ripple, BSV or Bitcoin SV, BCH or Bitcoin Cash, TRX or TRON, BNB or Binance Coin, NEO or NEO and OMG or OmiseGo to buy more than 2.7 million goods.
Oliver Herren, the co-founder of Digitec Galaxus, said in his statement,
“Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce – we would like to support this development.”
The e-retailer’s software team known as Team Specter had come up with this payment solution as they were working with Datatrans AG for one of the pilot projects. Datatrans AG is an e-payment firm that’s also based in Switzerland.
To facilitate the service, Digitec Galaxus has partnered with Coinify which is a global payment processing company based in Denmark.
How will it work?
The company has set the minimum transaction amount for crypto payments as 200 Francs. First, users would be required to select a digital currency option after which they will be switched to the website of Coinify. Users would then receive a conversion rate that will be valid for the duration of 15 minutes. Post that, users will receive the wallet’s text details/QR code from Coinify. It would take just minutes for the platform to validate the transaction.
As per reports, the company would be charging 1.5% per transaction and there won’t be any extra charges imposed on the digital currency transactions.
When Herren was quizzed why customers should make bitcoin payments, he stated,
“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 the money? Just because you can do it? Or because you like to try new things”.
According to Watson, this move is targeted to please the retailer giant’s tech-savvy consumers. In fact, people may see more retailers embracing crypto payments in the near future following the move.