Luxury App The List Partners BitBay Pay To Accept Cryptocurrency Payments
Dubai-based luxury fashion mobile platform THE LIST is partnering crypto payment processor BitBay Pay to facilitate payment using cryptocurrencies such as Bitcoin. This will also help customers to conveniently shop without having to enter any card information for online payments.
Customers of THE LIST App can shop for luxury products and pay directly with Bitcoins only initially. However, the app will soon add support for over 20 additional cryptocurrencies such as Litecoin, Ether, Lisk, Tron and Ripple to aid purchases through the app.
Paying in cryptocurrencies is seen as the most preferred method of the new generation of luxury shoppers as they benefit from easy, fast and secure transactions at lower transaction fees.
The luxury fashion retailer is looking to take advantage of the expected strong growth in Bitcoin users from the current less than 10 million to more than 200 million by 2024. The global mobile payment revenue is also estimated to reach more than $1 trillion in 2019.
"Due to the growth of e-commerce and the high mobile penetration, digital payment solutions have experienced significant growth. We see cryptocurrency as an enduringly relevant currency, not just a trend," says THE LIST Founder and CEO Andreas Skorski.
THE LIST claims to be the first luxury fashion mobile platform globally offering cryptocurrency payment.
THE LIST is a global mobile platform that sells a wide selection of curated luxury fashion and lifestyle products from the world's best boutiques, delivered directly to the customers' doorstep, particularly in the Middle Eastern market. It ships to customers in 190 countries worldwide.
Some of the luxury retailers in Jewelry, watches and exotic cars have also recently partnered with crypto payment processors to accept payments in cryptocurrencies as it allows for large transactions that are fast and easy for customers.
In late November, Canadian jewelry brand Birks Group announced the addition of cryptocurrency Bitcoin as an option for customers to make payment for jewelry and brands such as Rolex, TAGHeuer, Bulgari, Cartier, Mont Blanc, Chaumet and Breitling.
Earlier in September, US-based luxury automobile retailer Post Oak Motor Cars began accepting payments for luxury carriages in Bitcoin and Bitcoin Cash. This is applicable for buyers of Rolls-Royce, Bentley and Bugatti from the dealerships in America.
Both Briks Group and Post Oak partnered global Bitcoin and blockchain payments provider BitPay for the cryptocurrency payment processing.
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