The Fragrance Shop now allows customers visiting the site to make their purchases with cryptocurrency, as part of a tie up with BitPay.
The implementation is said to bolster its existing options of traditional credit/debit card payment options and Buy Now, Pay Later (BNPL) services.
Customers can purchase brands including Chanel, Dior and Tom Ford through BitPay’s initial line-up of cryptocurrencies including Bitcoin, Bitcoin Cash, Dogecoin and Ethereum.
“We have been watching the cryptocurrency market grow and develop in the past few years, so now is the perfect time to introduce crypto payments into The Fragrance Shop,” CEO Sanjay Vadera said.
“The Fragrance Shop realises the potential for crypto to transform the fragrance and beauty industry, making payments faster, more secure, and less expensive on a global scale,” added Merrick Theobald, Vice President of Marketing at BitPay.
“Our goal at BitPay is to make accepting crypto a seamless process and increase adoption as crypto is the future of payments.”
The cryptocurrency market is expected to grow from $1.6 billion in 2021 to $2.2 billion by 2026, according to research from Markets and Markets.
Cosmetic retailer Lush has accepted Bitcoin payments since 2017, while Beauty brand owner and tech giant The Hut Group (THG) also brought Bitcoin payments to its consumers in a big deal with LSE-listed fintech group Mode last year.