Famous retail brand Hennes & Mauritz or better known as H&M announced through a press release that a portion of their distributors will now start accepting cryptocurrency as payments.
These distributors will use the cryptocurrency e-commerce platform Chimpion in order to accept the cryptocurrency payments.
What type of distributors?
These particular H&M distributors trade in cost-effective lighting, which includes replacement ballasts, lamp holders, and accessories for lamp holders. As of now, the platform will reportedly accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).
Traders and merchants have often faced the difficulty of not being able to accept international payments. This hurts their business since many international customers are turned away.
Cryptocurrency has emerged as the best alternative to traditional fiat currency and it is really viable to use as payment for cross border transactions. So this decision was primarily to ensure that anybody can send a cross border payment without any difficulty.
Cryptocurrencies truly allow for a universal and global system of finance that connects people across border payments.
H&M’s lightning distributor 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.
This seems like a great step forward towards financial inclusion and should garner the company enough praise from the cryptocurrency fraternity.
Please note that this is just the lightning distributor. It does not mean that H&M is accepting cryptocurrency themselves, but this can act as a good role model for future distributors, supply chain companies, factories and more to start accepting cryptocurrency.