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Philipp Plein expects rise in cryptocurrency payments

By Don-Alvin Adegeest

2 May 2022

Retail

Image: Cryptocurrency

Philipp Plein forecasts customers to increase making purchases with cryptocurrency to rise to 15 million euros, after the company began accepting crypto in August 2021.

In an interview with Bloomberg television the German designer said crypto payments accounted for 3 percent of online sales of 100 million euros.

The company’s forecast is indicative of a shift to implementing cryptocurrencies as a viable payment option in fashion stores, both online and offline.

A report published last year by Holland Fintech, “Cryptocurrencies in Retail: Consumer Adoption Report 2021”, shows that crypto-consumers are scattered all around the world, from a variety of socio-economic backgrounds, though adopters tend to be young. 66 percent of Cryptoshoppers agreed that “Crypto is a way for paying goods and services” and with 78 percent of crypto-shoppers choosing Bitcoin as their preferred currency.

Adopting blockchain technology in online and offline retail comes with its own set of challenges, with many retailers sticking to traditional payment methods.

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PHILIPP PLEIN