Digitec Galaxus, the largest online retailer of Switzerland, has started to accept digital currency payments in its two stores, as per a press release issued on 19th of March.
Bitcoin, Ethereum, XRP, and different other altcoins can also be used for the payment of consumer electronics and other goods. The Swiss crypto fans had very few places to spend their cryptocurrencies, but now they can pay their digital coins while buying any of the 2.7 billion products of Digitec from Shoehorn, wheat beer to gaming items.
The co-founder of Digitec Mr. Oliver Herren has said, cryptocurrencies are attractive and can work as an excellent medium of payment for, and they want to support it.
The company has an intention to show itself as a forward-thinking company and wants to attract the young tech-savvy crowd, so they have taken the initiative accepting of crypto payments.
Although the company has restricted the service only to Swiss residents, in the future, they are planning to extend it to Germany where they already have a presence.
The price volatility of these currencies will not hinder the customers from using the payment method as per the company. All the transactions will be immediately converted to Swiss Francs by the third-party payment processor Coinify.
The newly introduced procedure is pretty simple. The customer has to select the payment option as cryptocurrency then they will be directed to Coinify website where they have to select the crypto-coin they want to use.
The exchange rate will be kept on hold for 15 minutes. The QR code and the address will be displayed on the page where the user has to send the payment. Although Digitec will not charge any fees for the crypto payments customers, have to pay 1.5% service charge to Coinify on the purchased amount.
Digitec was launched in 2010. According to e-commerceDB, the e-commerce data platform. It is the 341st biggest e-commerce retail company. Digitec is known for selling telecommunications and consumer electronic goods while Galaxus specializes in selling goods for everyday needs.
Following the Digitec footsteps, its competitors may also start taking cryptos. Bitcoin has already got acceptance in Switzerland so receiving them as a payment mode for retailers is not a bold step now. Many crypto startups have discovered a home in the Zug city of Switzerland. The residents of Zug city can also pay their municipal taxes in cryptocurrencies.