Companies

Farfetch to accept cryptocurrency payments

Jun 14, 2022 United Kingdom

The luxury e-tailer will enable cryptocurrency payments for private clients on its marketplace in the coming months and then expand to all customers in the US, the UK, and Europe from late 2022

The company explained, though, that initially will only accept seven cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Finance Coin (BNB), among others. The news followed the successful launch of cryptocurrency payments at Off-White’s flagship stores in Paris, London and Milan, as well as at the Farfetch-owned luxury retailer, Browns.

"Farfetch launched cryptocurrency payments in two very distinct environments - the mono-brand boutique, with Off-White, and the multi-brand boutique, with Browns. This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community", commented José Neves, Founder, Chairman and CEO of Farfetch.

The transactions are processed through the global cryptocurrency Luno POS terminal, which, according to the platform, "applies the best available cryptocurrency-fiat exchange rate at the time of the transaction". Customers can access their cryptocurrency wallets to pay for purchases by scanning a QR code from their smartphones. Lunu accepts more than 60 popular crypto wallets as a form of payment from FARFETCH customers.

In addition, Farfetch partnered up with Lunu for its omnichannel solution, which comprises sleek POS terminals for in-store transactions and an online widget. The goal is to share this expertise and capability with the FARFETCH community of boutiques and brands that also want to offer this solution in their retail stores.

Image Credits: retailgazette.co.uk

United Kingdom Companies ecommerce Farfetch Fashion Footwear Luxury Retail