TAG Heuer, a renowned name in the category of luxury chronograph watches segment has rolled out option of online payments in cryptocurrency for brand buyers in the United States.
Tag Heuer will partner with Crypto payment gateway, Bitpay to facilitate the new payment system.
Edouard Heuer founded TAG Heuer in 1860. It’s a Swiss luxury brand watchmaker that designs, manufactures and markets watches primarily alongside fashion accessories, eyewear and mobile phones. The company’s name is a combination of the initials of “Techniques d’Avant Garde” and Edouard Heuer surname.
The company has now decided to accept various type of cryptocurrencies for their high end products by pioneering the payment system first in USA. Customers will have a choice to pay with cryptocurrencies like bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) and dogecoin (DOGE), as well as five stablecoins, BUSD, DAI, GUSD, USDC, and USDP. The maximum payment cap fixed per transaction is $10,000 with no minimum spending requirements.
According to a news report, the company explained the move in a press release:
“With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces”.
“We have been following cryptocurrency developments very closely ever since bitcoin first started trading,” TAG CEO Frédéric Arnault was quoted as stating. He further commented, “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”.
BitPay was founded in 2011, when Bitcoin has just started gaining momentum. It is a platform for blockchain based payment gateway system which supports the companies to adopt crypto payments in their portfolio.
“We are excited to see global brands such as TAG Heuer investing in the crypto space and seeking the support of Bitpay to adapt their digital platforms to the rapid transformation of e-commerce,” said Stephen Pair, co-founder and CEO of Bitpay.
Since TAG Heuer is also the first watchmaking brand to sponsor the Formula 1 World Championship and the official timekeeper for the most famous sports competitions of the world, therefore it is looking forward to huge potential in crypto and Web3. In this regard, Arnault said, “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.”
The web portal of Tag Heuer’s U.S., is all in place to accept cryptocurrency and guides consumers on making payments in their preferred crypto.
It is interesting to note that major luxury brands like Gucci, Diesel and now Tag Heuer, are making an entry into the crypto world by one route or other. Where some are welcoming payments via crypto coins, others are entering the space through NFTs. The kind of interest displayed by the big names in the crypto systems indicates the potential stored by the field for future
