Tag Heuer, the Swiss luxury watch brand will now be accepting crypto payments. These crypto payments will however only be accepted on the US websites.
Tag Heuer is now the latest luxury brand to enter the space by embracing crypto payments. All major cryptocurrencies will be accepted on the brand’s e-commerce website.
A total of twelve cryptocurrencies shall be accepted which include, Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), and many stable coins that are pegged to the USD which includes USDP, BUSD, DAI, USDC, and GUSD.
This latest functionality of accepting crypto payments will be facilitated with the partnership of BitBay. The aforementioned platform is a renowned cryptocurrency exchange.
Tag Heuer’s new plan is to move towards embracing and adopting a Web3 strategy and that includes the payments through crypto.
Tag Heuer wishes to leverage the blockchain technology and the mounting interests in non-fungible tokens (NFTs). The company has further added that there is no minimum amount to be spent which is required to make a payment through the digital asset.
Fredric Arnault, CEO of Tag Heuer said that,
We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations – one that will deeply transform our industry and beyond.
This MOVE BY Tag Heuer comes after recent news of luxury brands, including Gucci and Off White, who have also started to accept payments through digital assets from this year itself.
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CEO of Tag Heuer, Arnault, had initially teased this option at keynote speech at the 2022’s edition of Watches & Wonders. He further mentions that Web3, in particular, NFT-related projects have a huge potential and that the brand has a voice in “new technology and new asset class”.
He also stated,
As a luxury brand, we had to ensure that our entrance into Web3 would meet our standards of excellence and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best way possible. This new crypto payment feature is just the beginning of many exciting projects for TAG Heuer in the Web3 universes.
There could be some issues however, considering that refunds could get complicated. BitBay the platform handling the payments is supposed to accept the payments into crypto and then converting into a fiat currency.
So in case of a refund, BitBay will convert the fiat to cryptocurrency at the current market rate and then return that to the customer. Additionally, given the volatility in the market, market rates are held and maintained for 15 minutes as one starts to process the purchase.
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