Mar 09, 2017 07:49 PM EST
Swedish retailer, H&M, has joined the United Nations' Better Than Cash Alliance, a partnership of governments, companies and international organisations which aims to accelerate the transition from cash to digital payments.
H&M is the first global fashion brand to join, stating the move will encourage its suppliers to pay their workers through mobile money or other digital forms such as bank accounts or cards to improve the livelihoods of its workforce, enhance transparency and cut factory costs.
"Digital payments are an efficient and scalable way to improve the lives of the employees of our suppliers," said Gustav Loven, H&M social sustainability manager. "They offer a faster, safer and more transparent way for people to receive their salary, increase financial inclusion and support women's economic independence."
H&M stated from the suppliers' perspective, it will enhance transparency and provide more accurate data on their wage management systems.
"H&M Group is taking a bold step in recognizing how cash-heavy supply chains limit efforts to empower workers and prevent companies from increasing transparency," said Dr. Ruth Goodwin-Groen, managing director of the Better Than Cash Alliance. "And it's inefficient. H&M group's leadership will help inspire other companies in the industry, and beyond, to make the shift to digital payments and contribute to inclusive growth, as well as to the Sustainable Development Goals, in emerging markets."
Expanding digital payments to the world's cotton supply chain could potentially reach 250 million people, including smallholder farmers who have limited access to digital payment systems and financial services in general.
The fashion retailer has recently reported an eight percent increase in sales in January 2017, including VAT, in local currencies, compared to the previous corresponding period. The group has also added to its stores and has now amounted to 4,380 as of January 31, 2017 compared to the 3,958 on January 31, 2016.
The meal delivery company has expanded beyond Britain to 13 other markets, including Australia, France, Hong Kong and Kuwait
The University of Portsmouth is helping its students build a strong personal brand to increase their confidence and enhance their employability.
When it comes to pitching business ideas to potential investors, an entrepreneur's excitement and enthusiasm can be the difference between dreams taking shape or ultimately falling flat.
What is a social media firm worth? Following how retail investors pay attention to company tickers is one piece of the puzzle. In a new study published in International Journal of Economics and Finance, a finance scholar from Michigan Technological University delves into the pricing behavior of social media firms. The study found that investors pay attention to social media stocks over other company stocks.
President Trump on Friday announced the first concrete deal with China to come out of nearly three months of trade talks - a deal to prevent currency manipulation.
Europe's largest economy offered mixed signals on Friday that suggest it's down but not out.
New research finds that despite regulations, CEOs control information release and may do so for their own financial gain
Normally, it's good to believe in yourself. But research from Indiana University's Kelley School of Business indicates that it can be bad advice for amateurs investing online in unregulated, sometimes risky, equity crowdfunded ventures.