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Swiss Online Retailer Digitec Galaxus To Accept Cryptocurrency Payments

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Swiss online retailer Digitec Galaxus started accepting cryptocurrencies as payment at their two online stores.

The retailer operates the digitec and Galaxus online shops as well as ten stores in the German- and French-speaking parts of Switzerland. Digitec Galaxus currently offers around 2.7 million products from shoehorns to wheat beer to gaming PCs.

Customers of the two online shops can now make their online payments using Bitcoin, Bitcoin Cash ABC, Bitcoin Cash SV, Ethereum, Ripple (XRP), Binance Coin, Litecoin, TRON, NEO or OmiseGO for all purchases totaling more than 200 Swiss francs.

The new payment method was co-developed as part of a pilot project with the Swiss e-payment specialist Datatrans AG, which cooperates with the Danish crypto payment provider Coinify.

The checkout process of the online shop redirects the customer to a Coinify page where they select the desired means of payment from a list. Customers then receives a conversion rate that applies for 15 minutes as well as payment details in text and QR code format. They, then trigger the transaction with a so-called crypto wallet and Coinify confirms payments within a few minutes.

Digitec Galaxus does not charge any fees for payments made in cryptocurrencies. However, Coinify charges a fee of 1.5 percent of the purchase price via the conversion rate.

Last month, Dubai-based luxury fashion mobile platform The List had partnered crypto payment processor BitBay Pay to facilitate payment using cryptocurrencies such as Bitcoin.

Paying in cryptocurrencies is nowadays one of the most preferred methods of the new generation of luxury shoppers as they benefit from easy, fast and secure transactions at lower transaction fees.

Some of the luxury retailers in Jewelry, watches and exotic cars have also recently partnered with crypto payment processors to accept payments in cryptocurrencies as it allows for large transactions that are fast and easy for customers.

In November last year, Canadian jewelry brand Birks Group had added Bitcoin as a payment option for jewelry and brands such as Rolex, TAGHeuer, Bulgari, Cartier, Mont Blanc, Chaumet and Breitling.

Earlier in September, US-based luxury automobile retailer Post Oak Motor Cars began accepting payments for luxury carriages in Bitcoin and Bitcoin Cash. This is applicable for buyers of Rolls-Royce, Bentley and Bugatti from the dealerships in America.

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