Customers can now shop via the retailers website and select cryptocurrency as their preferred payment method
The new payment method is said to bolster its existing options of traditional credit/debit card payment options and Buy Now, Pay Later services
The Fragrance Shop has become the latest retailer to add cryptocurrency to its line-up of payment methods.
In partnership with payment service provider BitPay, customers can now shop via the e-tailer’s website and select cryptocurrency as another alternative payment method.
The new payment method is said to bolster its existing options of traditional credit/debit card payment options and Buy Now, Pay Later services.
The partnership will see all of The Fragrance Shop’s brands, including Chanel, Dior and Tom Ford, offer BitPay’s initial line-up of cryptocurrencies including Bitcoin, Bitcoin Cash, Dogecoin and Ethereum.
“We have been watching the cryptocurrency market grow and develop in the past few years, so now is the perfect time to introduce crypto payments into The Fragrance Shop,” said Sanjay Vadera, CEO of The Fragrance Shop.
“The Fragrance Shop realises the potential for crypto to transform the fragrance and beauty industry, making payments faster, more secure, and less expensive on a global scale,” added Merrick Theobald, Vice President of Marketing at BitPay.
“Our goal at BitPay is to make accepting crypto a seamless process and increase adoption as crypto is the future of payments.”
According to research from Markets and Markets, the cryptocurrency market size is expected to grow from US$1.6 billion in 2021 to $2.2 billion by 2026.
Since 2017, ethical beauty brand Lush has accepted Bitcoin payments and digital services, such as Perfect365, and has included cryptocurrency checkout options, while cosmetic surgeons are accepting Bitcoin for Botox.
Beauty brand owner and tech giant The Hut Group (THG) also brought Bitcoin payments to the masses in a major deal with LSE-listed fintech group Mode last year.