LVMH Group’s Tag Heuer Introduces Cryptocurrency Payment

Image: TAG Heuer

Gucci announced last week that it would include cryptocurrencies in its payment options, and today, luxury watchmaker TAG Heuer announced that customers will be able to pay using popular coins such as Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Shiba Inu, and others, as well as five USD-pegged stable coins. TAG Heuer is collaborating with Bitpay to deliver this new feature to its e-commerce customers.

The surge in interest in cryptocurrency has prompted several discussions, and businesses will want to be a part of this continuing debate in order to remain relevant and be perceived as keeping up with the times. Gucci’s acceptance of cryptocurrency makes it one of the first large luxury firms to do so. TAG Heuer now takes the lead for LVMH, the world’s greatest luxury conglomerate, as the business prepares to enter the Web3.

Image: TAG Heuer

According to the press release, “TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces.” Furthermore, the brand intends for this new venture to mark its first step “within a wider and long-term strategy for Web3, which will allow TAG Heuer to come alive in bold new ways via blockchain technology, NFTs and more.”

“TAG Heuer aspires to be a prominent player in the coming change of the e-commerce and retail worlds,” according to the press statement. In addition, TAG Heuer hopes that this new initiative will be the first step in a “broader and long-term plan for Web3, which will allow TAG Heuer to come alive in creative new ways via blockchain technology, NFTs, and more.”

Image: TAG Heuer

“As a premium brand, we needed to make sure that our entry into Web3 met our high standards, and thanks to our in-house agile teams and BitPay’s help, we’re able to delve into this new financial realm in the best way possible.” TAG Heuer’s new crypto payment functionality is only the beginning of many intriguing Web3 universe developments.”

There is no minimum spending requirement for this payment option, and each transaction can be worth up to $10,000 USD. Customers can choose their favorite cryptocurrency and crypto wallet or exchange before completing their payment. Before the exchange rates change again, each transaction will be allowed 15 minutes.

The incorporation of bitcoin is a logical move for a forward-thinking firm that is always looking for new ideas. Despite the recent crypto crisis, companies remain hopeful about the future, and it appears that more brands will begin to offer this option in the near future.