The well-known luxury brand Gucci will be accepting crypto payments in the coming month. They are taking a leap into the cryptocurrency world with this step. At the end of the month, some U.S stores will start to accept crypto payments. Over time this will also apply to all North American stores.
Payments done with crypto that will be made in-store will be validated through a link the customer will receive by email. The email contains a QR code allowing the payment to be made via their crypto wallet.
Here is the list of the stores that are the first to accept crypto payments:
New York, Wooster Street
Los Angeles, Rodeo Drive
Miami Design District
Atalanta, Phipps Plaza
Las Vegas, The Shops at Crystals
There are ten cryptos that Gucci will be accepting. Firstly, Bitcoin, followed by Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and five stable coins pegged to the US dollar. Lastly, they will be accepting Dogecoin.
Like mobile credit card payments, crypto payments are accepted using a QR code or NFC reader on an existing point of sale terminal that interacts with a customer’s smartphone cryptocurrency software. The payment can be fiat money, such as US dollars, or kept in cryptocurrency.
The President and CEO of Gucci, Marco Bizzari, said a few words about the brand. “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
It will be interesting to observe what percentage of transactions made at these stores in specific use cryptocurrencies versus more standard payment methods. This could reveal a lot about the evolution of cryptocurrency and its day-to-day uses.
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BitPay Used for Luxury Payments(Opens in a new browser tab)