By Nathan Ferguson
Tag Heuer is a watch brand based in Switzerland that will now accept cryptocurrency payments. However, the company will receive these payments only from the United States websites. Tag Heuer, a fresh luxury brand is ready to enter this world by accepting cryptocurrency payments. All bigger digital currencies like BTC, Bitcoin Cash, Doge, Ethereum, LTC, Shiba Inu, and WBTC are acceptable on the e-commerce website of Tag Heuer.
USDT-pegged stable coins like USDT, GUSD, BUSD, DAI, and BUSD are also allowed. The facility of accepting cryptocurrency payments will be provided in the coalition with BitBay, a well-known crypto exchange platform.
Tag Heuer shared a new plan to embrace the Web3 scheme that includes payments by cryptocurrency. Tag Heuer wants to take advantage of blockchain technology and rising interests in NFTs. According to the firm, there’s no minimum spending requirement for making payments by digital assets. Tag Heuer Chief Executive Officer Arnault told that they kept eye at crypto expansion very closely right from the beginning of bitcoin’s trading.
As an advanced watchmaker with a creative spirit, Tag Heuer will embrace a promise to become an internationally unified technology regardless of variations in the future- that will completely alter the industry and beyond. Following the news that brands like Gucci and Off White began to receive payment by digital currencies, Tag Heuer also took this step to get payment through digital currencies.
Primarily, Arnault talked about accepting crypto payments, when he was delivering speech for Watches & Wonders edition of 2022. Additionally, he said that Web3, especially NFT-based projects are potentially rich, and the brands have a voice in the latest technology and assets class. He told that being a luxury brand, they had to make sure that their entry into Web3 would fulfill their excellent standards and they are able to step into the new economic world with the help of their team and BitBay. The cryptocurrency payment factor is just a start; many appealing projects are waiting for Tag Heuer in the world of Web3.
The refunds process could be complicated, which should be solved. BitBay is supposed to receive payments in cryptocurrency and then convert it into fiat currency. When it comes to refund, BitBay will be responsible to convert fiat to crypto at the present rate of market, and after that it will be returned to the clients.