Farfetch, the British-Portuguese luxury e-tailer, recently announced its plans to accept crypto payments following a partnership with German crypto payment platform Lunu.
Earlier this year, a successful test run in the Off-White and Browns stores prompted the company to start enrolling crypto payments. The brand will begin by accepting payments from its “top-tier” customers in the next few months, and the service will be rolled out publicly by the end of the year.
Lunu will provide the point-of-sale infrastructure and receive payments on behalf of Farfetch before exchanging it for fiat currency. Farfetch will also integrate payments with its boutique partners to enable purchases and returns.
“As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow”
José Neves, founder and CEO of Farfetch
Customers can scan a QR code to fetch their crypto wallets to pay for purchases. The integration will support seven cryptocurrencies, including Bitcoin, Ethereum, and Ripple.
The luxury market has witnessed wider crypto adoption lately. In a bid to woo customers, several luxury brands, including Gucci, Balenciaga, and Franck Muller, have recently announced plans to introduce crypto payments.
