Farfetch, one of the largest luxury e-tailer firms, plans to accept payments in Bitcoin, Ether and other cryptocurrencies. Based in the UK and Portugal, the firm connects international fashion brands, boutiques and department stores with buyers. Farfetch founder José Neves says this is an important step in a big financial transformation.
Fashion website Vogue published a quote from Neves Report “With this we want to empower our brands and boutique partners to engage with cryptocurrencies.” Buyers using cryptocurrencies to make purchases on Farfetch’s website must link their crypto wallets to the website’s interface via a QR code. Farfetch has hired German-based crypto platform Lunu to help take payments in crypto. In recent months, several luxury brands have introduced payment options in cryptocurrencies for their buyers.
Switzerland-based watch maker Tag Heuer, Italian apparel brand Gucci and French luxury brand Balenciaga have started experimenting with payments in cryptocurrencies. A survey by financial services firm Deloitte revealed that more than 75 percent of retailers in the US believe that they will be able to trade in the next few years. cryptocurrencies Payments in the U.S. can be a common practice. “More than 85 percent of retail merchants want to initiate the payment option in cryptocurrencies. About 83 percent of retailers are interested in accepting payments in stablecoins,” the survey report noted. Large merchants in the US have already started building the infrastructure for crypto payments. Nearly half of the retailers surveyed believe that having the option of payment in crypto will improve the shopping experience for customers.
Holdings of cryptocurrencies and other digital assets have increased manifold in recent years in countries such as India, Japan, China, Vietnam, Indonesia, Malaysia and Thailand. Crypto as an asset class is growing in Asia. However, most wealth management firms have no plans to offer services related to digital assets.