Hennes & Mauritz, H&M distributors will now use cryptocurrency e-commerce platform Chimpion for cryptocurrency payments. H&M distributors deal in cost- effective lighting. Also, these include replacement ballasts, lamp holders, and accessories for lamp holders. Moreover, the platform will reportedly accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).
Towards Financial Inclusion
The decision comes after a realization by the company, which being that cryptocurrencies help eliminate the financial barriers and allow for a global outreach.
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 specialty 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 payments to a USD equivalent right away.
The press release also claims that 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.”
Is it just a stepping stone towards greater financial inclusion or a great milestone. Only time will tell.
