Crypto payments are making their way to Ralph Lauren’s new Miami store
American fashion giant Ralph Lauren will begin accepting crypto payments at its recently opened Miami store.
It notes that customers will now be able to make purchases with various cryptocurrencies, including Bitcoin, Ethereum and MATIC.
Ralph Lauren Accepts Bitcoin, Gives NFTs
According to the press release, the retailer is partnering with payment processor BitPay to enable customers to make in-store cryptocurrency purchases.
When it comes to the creation, marketing and distribution of luxury lifestyle products, Ralph Lauren Corporation is one of the global leaders.
The fashion giant has also partnered with Poolsuite to launch its flagship store. It notes, “Ralph Lauren will partner with Poolsuite, a web3 community deeply rooted in the Miami lifestyle and aimed at building the future of Internet leisure, to unveil a multi-layered partnership that engages a new audience.”
In addition to enabling crypto payments, the company will allow all current Poolsuite community members to participate in a special event through the co-designed Ralph Lauren x Poolsuite NFT. Many companies use NFTs in their incentive programs. For example, Starbucks revealed its first collection of 2,000 digital “stamps” — limited-edition, non-fungible tokens — on March 10.
Meanwhile, Ralph Lauren’s Q3 FY23 results were strong, with reported sales growing 1% to $1.8 billion. The third quarter of fiscal year 2023 produced $216 million in net income. The company had $1.7 billion in cash and short-term investments at the end of the quarter.
Crypto payments are mainstream
According to its website, BitPay has partnered with over 250 companies and stores to allow crypto payments. Other names include the American theater company AMC Theatres, the exclusive merchandise store Jomashop, the e-commerce retailer Newegg, etc.
Zebedee, an entertainment and payment business, also recently unveiled its instant payment feature using the Bitcoin Lightning network. Burger King introduced Instpower power bank rental kiosks with crypto payment options at street meat chains in Paris. The global fast food chain teamed up with Alchemy Pay and Binance Pay, two cryptocurrency payment systems, to integrate them into the machines.
According to Tracxn’s January data, there are 615 crypto payment companies globally.
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