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Giant online retailers accept Bitcoin payments: Swiss and US firms welcome Cryptos

Maya Mandz | Mar. 20, 2019
Giant online retailers accept Bitcoin payments: Swiss and US firms welcome Cryptos

March 20, 2019, | AtoZ Markets -Digitec Galaxus, the biggest Swiss online retailer, has enabled its platform users to pay for their purchases with cryptocurrencies. In addition to bitcoin payments, Galaxus would accept a number of other digital assets such as Ethereum, Bitcoin Cash, XRP, Litecoin, Tron, OmiseGo, NEO and Bitcoin SV.

Online retailer accepts Bitcoin for over 3 million of its products

Digitec Galaxus now has around 2.7 million items in its range; from the shoehorn to wheat beer to the gaming PC. According to the company officials, Galaxus platform users will be able to pay with cryptos for numerous products, which range from beverages to gaming accessories worth at least 200 CHF. Oliver Herren, CIO, and co-founder of Digitec Galaxus while speaking of the new Galaxus company initiative said:

"Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce - we want to support this development. Of course, I now count on all the Swiss crypto-millionaires to shop with us."

Expansion of payment methods to the two platforms was announced via Digitec account on Twitter and in the local media:

The US and Swiss retailers start accepting bitcoin payments

According to the report, Digitec Galaxus decided to use cryptocurrency to increase its customer base and attract more young people. In addition, the company stressed that it is striving to upgrade its business level and improve public assessment.

Since 2013, the number of online retailers accepting bitcoin or other cryptos has increased by 702%. Although, many Bitcoin critics often claim that its increasing cost is completely unjustified due to the lack of use of BTC in retail. Over the years, many companies have tried to stimulate the gradual introduction of cryptocurrency, offering to accept payment for goods and services in various digital assets.

One of these companies has become the Digitec Galaxus AG and the US electronic components supplier Avnet. The total annual income of these firms last year amounted to more than 18.39 billion dollars.

To facilitate the service, the US electronics provider will work with the BitPay cryptocurrency service provider. Currently, only crypto-bitcoin (BTC) and bitcoin-cash (BCH) are accepted.

To process new payments Galaxus pairs with Datatrans and Coinify

According to reports, the crypto payment system of the biggest Swiss retailer was developed jointly with the local payment processor Datatrans and the Danish start-up payment processing company Coinify. The new payment option was created as part of a pilot project. The payment processing in the Galaxus platform takes 15 minutes. The payment is made and converted to fiat at a fee of 1.5 percent to avoid a violation. Another engineering team of Digitec Galaxus named Specter is also responsible for the payment processes behind the scenes of digitec.ch and galaxus.ch.

"So far, cryptocurrencies have not been suitable as a means of payment," says Hanspeter Maurer, Managing Director of Datatrans. “Now we are curious to find out how the customers of digitec and Galaxus accept the offer.”

How the Swiss online retailer will accept bitcoin payments

The process of payment using cryptocurrency in the Galaxus e-shop when making a purchase according to the company representatives is quite simple. If customers of Digitec and Galaxus choose the payment option "cryptocurrencies”, they will be redirected to the Coinify website. There the Galaxy users will have to select the cryptocurrency which they wish to pay for his purchase. After choosing the desired means of payment from a list, the user will receive a conversion rate with payment details in a text and a QR code within 15 minutes. Customers can then initiate the transaction with a so-called crypto-wallet. After completing the transaction with the received information, Coinify confirms the payment within a few minutes before Digital Galaxus processes the customer’s order.

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