Luxury Swiss watch brand TAG Heuer inked a deal with Bitpay to embrace crypto online payments. TAG Heuer will now accept 12 cryptocurrencies as payments on US websites, including Bitcoin, Dogecoin, Ethereum, Shiba-Inu, and 5 USD-pegged stablecoins.
The brand will work with the support of BitPay, a bitcoin payment services provider, on transactions up to $10,000 with no minimum purchase required. BitPay works by converting cryptocurrency to fiat money, which is ultimately what TAG Heuer will receive.
CEO of TAG Heuer Frédéric Arnault shared his opinion on this new initiative by saying – “The company has been following crypto developments since Bitcoin first started trading. As an avant-garde watchmaker, we aspired to adopt what promises to be a globally integrated technology in the near future.”
With the growing crypto adoption, fashion brands have increasingly been experimenting with crypto payments, despite the instability and risk involved in the space. This month, the legendary high-end fashion house Gucci also announced that it is going to start accepting crypto payments in some of its US stores.
Speaking of luxury brands, American luxury Fitness Club Equinox will also start accepting crypto payments. The fact that high-end brands and businesses are embracing crypto payments is proof that the crypto ecosystem is on its way of becoming mainstream.
However, accepting crypto payments can be challenging when considering refunds. Returning a Tag Heuer watch will require BitPay to convert the dollar amount to cryptocurrency at the going market rate to give it back to the customer.
Gucci is already issuing returns using the same cryptocurrency as an item for purchased items, but converts the value to the going rate at the time of refund, as per Vogue Business.
Additionally, TAG Heuer will support over 100 different crypto wallets and exchanges including Coinbase, Ledger wallet, Crypto.com, Metamask, Gemini Wallet, Binance, and others.
