- Farfetch will start accepting payments in Bitcoin in the coming months.
- The feature will be tested in high-end stores in the EU and then rolled out in the US, Europe and the UK.
- The luxury e-merchant has also partnered with Lunu, the German cryptocurrency payment gateway provider, which will provide in-store terminals.
Bitcoin and other cryptocurrencies are accepted for payment, according to a report by Farfetch Limited (NYSE:FTCH), a leading digital platform for luxury fashion market observation.
Bitcoin payment acceptance will first be trialled in high-end European stores in Paris, London, Milan and Browns. The British-Portuguese company then wants to roll out the functionality to all customers in the USA, Great Britain and Europe this year.
“This was a critical step in testing and learning, and we’re excited to share our technical and service expertise with our community,” said Farfetch founder and CEO José Neves.
The luxury e-merchant is partnering with Berlin-based cryptocurrency payment infrastructure provider Lunu to provide the necessary rails for accepting cryptocurrencies like Bitcoin. Lunu will also provide point-of-sale terminals for in-store payments. At a physical location, customers only need to scan a QR code with their smartphone to pay in Bitcoin.
“As a platform company, we are constantly innovating to serve the luxury industry as a bridge to emerging technologies and environments where the luxury consumer is today and where they will be tomorrow,” said Neves. “With this move, we look forward to enabling our incredible boutique and brand partners to accept cryptocurrencies.”
Farfetch joins a growing number of luxury brands enabling Bitcoin as a payment option for customers. Fashion house Balenciaga announced its arrival on the scene last month, as did Gucci, Swiss watchmaker Tag Heuer, SFLMaven and Continental Diamond.