Harrolds is giving customers the opportunity to purchase using cryptocurrency in-store, with online payments set to follow in July.
Harrolds MD Ross Poulakis said the luxury retailer, which sells brands such as Alexander McQueen and Tom Ford, has strived to be an early adopter over its 37 years of trade.
“Harrolds has always been about community, experiential shopping, and innovation,” he said.
“We’re constantly looking for new ways to exceed client expectations, and make technological advancements ahead of the curve. Our implementation of cryptocurrency payments is a testament to just that.”
The payment service will be launched in partnership with RelayPay.
In-store crypto payments at Harrold’s Sydney and Melbourne boutiques will be made via a hosted page solution that contains a QR code, allowing clients to then execute the payment from their own crypto wallet.
Harrolds will accept payments in myriad cyrptocurrencies, including Bitcoin, Ethereum, USDT and USDC.
RelayPay head of business development Eric Wu claimed cryptocurrency payments will become more mainstream over time.
“Volatility and risk have been associated with the industry for far too long and usually comes from a lack of understanding of stable coins and how they are cryptocurrencies tied to a stable commodity or asset,” he said.
“I believe everyone will learn alot about the industry from further research into USDC and USDT, obviously whilst browsing for their next retail purchase at Harrolds.”