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.
If you think that the micro accounts are useful only for beginners who may not be able to cope with the fast dynamics of changing quotes on trading platforms, then this is not so. Professionalism grows out of these cent accounts.
Journalists love their jobs because they get to interact with people from all sorts of backgrounds and expertises, then turn around and share their knowledge with the world.
As the metaverse takes over more of our digital lives, the commoditization of all aspects of our virtual beings becomes more and more of a reality.
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.
In the currency trading business, many individuals make mistakes. Since most individuals join this profession with too much excitement, they forget about efficient strategies. Instead of controlling their investment and execution process, most individuals make poor choices for trading.
In today's digital world, more and more people are investing in cryptocurrencies. These digital tokens have exploded into popularity over the past few years, and have grown to the point that there are now nearly over 6,000 of them, according to Statista.
Following the pandemic, natural calamities, and major employment shifts, a startling new study on the online news site News Nation shows that 1 in 4 Americans don't have an emergency fund.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.