In a bold move that highlights its commitment to digital innovation, luxury e-commerce giant Farfetch has announced that it will be accepting cryptocurrency payments by the end of the year. This new payment option will first be available to customers in the US, UK, and Europe, with plans to expand to other regions in the future.
Farfetch plans to initially accept seven cryptocurrencies, including popular options such as Bitcoin, Ethereum, and Binance Coin. This decision follows the successful implementation of cryptocurrency payments at Farfetch’s retail stores, including well-known names like Browns and selected Off-White flagship stores. The Palm Angels flagship store in Milan will also be joining this trend and offering cryptocurrency payments in the near future.
To facilitate this initiative, Farfetch has partnered with Lunu, a global cryptocurrency platform. This partnership will provide sleek and user-friendly point-of-sale terminals for in-store transactions, as well as an online widget for seamless online payments. Farfetch and Lunu aim to not only enable cryptocurrency payments within the luxury industry but also offer their expertise and capabilities to boutiques and brands within the Farfetch community that wish to embrace this payment solution in their retail stores.
One of the challenges in accepting cryptocurrency payments is the volatility of crypto values. However, the trial run in physical stores has successfully addressed this issue. The Lunu point-of-sale terminal applies the best available cryptocurrency-fiat exchange rate at the time of the transaction, ensuring accurate pricing. Customers can easily make purchases by scanning a QR code from their smartphones to access their cryptocurrency wallets. Lunu accepts over 60 popular crypto wallets as payment from Farfetch customers.
Farfetch Chief José Neves believes that the launch of cryptocurrency payments in physical stores was a crucial step in testing and learning. The company is excited to share its technical and service know-how with the community and empower boutique and brand partners to embrace cryptocurrency. As a platform company dedicated to innovation, Farfetch strives to act as a bridge between the luxury industry and new technologies and environments where the luxury customer is today and will be in the future.
By accepting cryptocurrency payments, Farfetch is positioning itself as a pioneer in digital innovation within the luxury e-commerce sector. This move not only caters to the rising demand for cryptocurrency payments but also showcases Farfetch’s commitment to providing customers with a seamless and convenient shopping experience. It will be interesting to see how this initiative evolves and how other players in the industry respond to this shift towards cryptocurrency.
Links:
1. Farfetch Website
2. Lunu Website
