The British-Portuguese online Luxury fashion Farfetch will soon accept payments via crypto as it steps up on its digital game to the next level.
As per reports, the firm revealed that customers will be able to shop on Farfetch by scanning a QR code to access their crypto wallet. One can shop using one of the seven cryptocurrencies, including Bitcoin, Ethereum and Binance Coin.
However, this decision will be executed into phases. Crypto payments will be accepted from its elite “private clients” in the next few months. Following this, the service will be rolled out to all customers in the US, UK and Europe at the end of the year. Other countries will follow next year.
Farfetch revealed its payment provider will accept cryptocurrencies from the clients (on behalf of Farfetch) and exchange it for fiat currency.
Note that the returns accepted by Farfetch or one of its boutiques, will be processed in the original cryptocurrency at the current exchange rate.
Farfetch has joined forces with crypto platform Lunu to allow brands and boutiques to accept crypto payments in their own retail stores. High-end brands that use Farfetch Platform Solutions white-label technology can accept cryptocurrencies from early 2023.
Also read: Gucci to Accept Cryptocurrency Payments in U.S. Stores
This news came after Farfetch owned Off-white’s flagship stores announced payment via cryptocurrency. Farfetch CEO and chairman José Neves said, “This was a crucial step to test and learn, and we are excited to [now] share our technical and service know-how with our community.”
The company further revealed that crypto payments will ‘likely’ be accepted at Palm Angels’s flagship in Milan “imminently”.
