H&M to Make Digital Payments to Supply Chain Workers

H M 58c1a73233da4

H&M recently announced plans to join the United Nation’s Better Than Cash Alliance. The organization, which so far counts 50 members including the Gates Foundation, MasterCard and Coca-Cola, aims to eliminate cash payouts for supply chain workers in favor of digital payments in order to boost financial inclusion and curb poverty.

The Alliance says far too many factories and countless other job sites around the world pay their employees in cash. Such a system is inefficient, lacks transparency and also puts workers’ safety at risk – after all, it is not too difficult for someone to figure out when payday is at the local neighborhood factory or workshop.

Conversely, switching to a digital payment system can reduce a factory’s costs, save time and also improve workers’ access to financial services.

Find more information on H&M’s transition to digital payments HERE.