As the first global fashion brand, H&M group has joined the United Nation’s Better Than Cash Alliance to accelerate the transition from cash to digital payments in the supply chain.
STOCKHOLM, SWEDEN, 2017-Mar-09 — /EPR Retail News/ — Today(8 MAR, 2017), many factory workers in the textile supply chain are paid entirely in cash. This means unsafe, time consuming and inefficient procedures for both employees and employers. Even though the people working in our supply chain are not our own employees, we take responsibility on how our products are made and this partnership with the United Nations has great potential to improve the livelihoods of the workers.
Along our supply chain 1.6 million people are employed, of which 65% are women and usually with limited access to financial services. Therefore, encouraging suppliers to pay wages through digital channels to their employees could impact positively the lives of millions of people. In addition, expanding digital payments to the world’s cotton supply chain – where H&M is one of the world’s biggest users of organic cotton and Better Cotton – could potentially reach 250 million people.
Information about Better Than Cash Alliance
The Better Than Cash Alliance is a global partnership of governments, companies, and international organizations that accelerate the transition from cash to digital payments in order to reduce poverty and drive inclusive growth. The United Nations Capital Development Fund serves as the secretariat. For more info, please visit www.betterthancash.org
Phone: +46 8 796 55 00
Fax: +46 8 20 99 19