H&M distributors have now started to accept cryptocurrencies as a method of payment due to the profound benefits it brings to both the supplier and their customers.
H&M is an American company that started as a distributor of fluorescent bulbs back in 1997. The company now focuses on providing lamp holders and relevant accessories.
The move has come through collaboration with crypto platform Chimpion that allows businesses to accept crypto payments online. At the moment, the company is accepting Bitcoin Ether Bitcoin Cash among few others.
The company’s CEO stated that the biggest reason behind the move was to remove the international sales barrier. He stated that in converting currencies to USD, the client has to pay conversion fees, which are abolished through the use of crypto tokens. This would allow them to bring in more customers from across the globe. Moreover, he added that the platform allows us to convert payments into USD instantly.
He then added that this reduced transaction costs significantly and provides freedom from chargebacks that occur while using traditional banking services. Furthermore, the CEO stated that this way the company can “pass on even more savings to its customers.” The security, reliability and the efficiency provided by the crypto trading systems cannot be matched by conventional banking systems.
This is not the sole move in favor of cryptocurrencies as many other institutions have started or are planning to start accepting Bitcoin as payment. This includes Argentina’s public transport system that has started to accept Bitcoin through the SUBE travel card. Many other institutions across the globe are also joining the fold.