Gucci joins the crypto acceptance craze
Luxury fashion brand Gucci will become the latest retailer to accept cryptocurrency payments when it launches the program in select US stores later this month and in all North American stores this summer, according to a statement from company press.
Customers will make their crypto payments using a QR code sent to their email addresses which will allow them to access their crypto wallets, the press release states. The five-city pilot program will begin in New York, Los Angeles, Miami, Atlanta and Las Vegas.
Gucci will accept payments in more than 10 currencies, including bitcoin, bitcoin cash, dogecoin, ethereum, wrapped bitcoin, litecoin, shiba inu and five stablecoins pegged to the U.S. dollar, according to the statement.
“Gucci has established itself as an early adopter of Web3 technologies, which include blockchain, and crypto payments mark another step towards Gucci combining its existing physical presence with its emerging Web3 efforts,” the company said. company in its press release.
Gucci recently shared via its Gucci Vault Discord server that owners of two of its non-fungible token (NFT) projects – SuperGucci and Gucci Grail – will have special access to pre-order a Gucci collection before it is released to the general public. .
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” said Marco Bizzarri, President and CEO of Gucci, in the announcement. “Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for customers who want this option.”
Related: The Data Point: 23% of US Consumers Owned Cryptocurrency in 2021
In “The US Crypto Consumer: Cryptocurrency Use in Online and in-Store Purchases,” PYMNTS and BitPay noted that nearly one in four consumers (23%) — totaling 59.6 million people — owned at least one crypto- currency in 2021, compared to 16% (about 41.5 million people) in 2020.
According to our research, a quarter of consumers prefer merchants that accept cryptocurrencies. Millennials (32%) and Gateway Millennials (27%) are now willing to ditch retailers that don’t accept them as a form of payment.