On Friday, TAG Heuer, a Swiss luxury watchmaker that designs, manufactures, and markets watches and fashion accessories, announced that cryptocurrency payments would be accepted for purchases.
Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Shiba Inu, and the five USD-pegged stablecoins are among the major cryptocurrencies that customers can use to purchase things at the luxury watchmaker’s boutiques.
TAG announced that it has joined with Bitpay to offer this new payment option to its e-commerce customers.
TAG also stated that it intends to enter the web3 area. Web3 is building a broader and long-term plan, according to the company, which will enable its brand to come alive in creative new ways in the e-commerce and retail spaces through blockchain technology, NFTs, and other innovations.
TAG recognized that it needed to ensure that its entry into Web3 met its high standards as a luxury brand. However, the company claims that it can embrace this new financial world in the best possible way thanks to its agile in-house teams and Bitpay’s backing. According to the company, the new crypto payment function is just the beginning of several fascinating ideas that the company plans to build in the Web3 world.
TAG Heuer CEO Frédéric Arnault reacted to the issue, saying that the company has closely tracked cryptocurrency developments since Bitcoin first began trading. As an avant-garde watchmaker with a pioneering mentality, TAG Heuer knew that, despite the volatility, they would adopt what promises to be a globally integrated technology shortly— one that will profoundly impact their business and beyond.
TAG stated that the crypto payment mechanism has no minimum spending requirement. According to the company, customers can also pay using cryptocurrencies for up to $10,000 per transaction. In addition, customers can choose their favorite cryptocurrency wallet or exchange and crypto coin before proceeding with their payment, according to the company. “Each transaction will be given 15 minutes before the exchange rate changes again,” the business explained.
Obtaining the Status of a Preferred Alternate Payment Method
The strong increase in cryptocurrency transactions by high-end consumers in 2021 has continued into 2022. This explains the crypto world’s increasing impact on the luxury business and its users.
Many organizations want to be a part of the current frenzy to stay relevant in their businesses, which has sparked a surge in interest in cryptocurrencies.
Luxury brands see cryptocurrency payments as a way to gain new client loyalty. In addition, they believe that offering this payment option allows their consumers more choice by allowing them to complete their purchase using a different payment method that may be better suited to their needs.
Philipp Plein, a German luxury retailer, was the first big fashion business to accept cryptocurrency as payment last year. In addition, Gucci, the Italian luxury brand, revealed that it would begin taking cryptocurrency payments at some US outlets earlier this month.
As a result, many luxury and beauty businesses, such as watchmakers Hublot and Franck Muller, are taking bitcoin payments.