Grupo Famsa, one of the largest household appliance-, electronic products- and consumer products-focused retail company in Mexico has begun accepting bitcoin payments with a partnership with BitPay, a leading bitcoin payment processor.
Mexican bitcoin exchange Bitso shared the news on its Facebook page:
“Now, customers can buy directly in Famsa with bitcoin, Enabled by our friends BitPay”
Founded in 1970, Famsa has more than 420 stores across 78 Mexican cities and 37 cities in the United States. The company records around $1.1 billion in annual revenue, and more importantly, Famsa provides banking and credit services including personal car financing through its Banco Ahorro Famsa.
Famsa’s integration of bitcoin shows its strong interest in the digital currency and its advantages. As a retail company, Famsa recognizes the inefficiency of credit card and banking payments for costs and security. Bitcoin payments could eliminate a huge portion of their financial management costs.
However, the company hasn’t announced its intentions to integrate bitcoin onto its financial platforms and services at this point.
Famsa’s acceptance of bitcoin follows Mexico’s largest e-commerce platform Mercado Libre’s decision to accept bitcoin payments on behalf of its merchants.
Surprisingly, Mercado Libre has taken the initiative to accept bitcoin on its platform, then distribute the balances to the merchants’ accounts after the transactions have been confirmed by the corporation.
“In MercadoPago we continue improving so your customers can count with more ways to pay you, maintaining your business with a foot into the future. This new payment option is completely transparent to you and your customers. They can utilize bitcoin to pay you and you will receive the payment in an instant,” announced Mercado Libre.