Notable fashion brand, Gucci, has reportedly announced its plans to compromise its payment infrastructure by accepting crypto in some of its stores based in the United States before May. This summer, this crypto payment acceptance structure will also be available in every store in North America.
A test run began with a few Gucci stores in the United States, such as the Rodeo Drive in Los Angeles.
The selected merchants will receive payments via a "QR code or NFC reader on an existing point of sale terminal as part of the crypto payment system." They can convert it to USD if they wish, according to a report by Vogue Business.
To allow a smooth process, Gucci will utilize Bitpay, a crypto payment processor that makes it seamless to accept cryptocurrencies.
The CEO of Gucci, Marco Bizzarri, "Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we can integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them."
Gucci is not the first luxury brand to accept cryptocurrency. In March, Off-White started accepting crypto payments in some of its stores.