Beginning at the end of July, Ferrari plans to expand its Bitcoin payment system throughout its dealer network throughout Europe. This move follows a successful launch in the United States less than a year ago, aimed at helping dealers meet the evolving needs of their clients.
Within its global dealer network, Ferrari intends to extend cryptocurrency transactions to more nations by the end of 2024 where cryptocurrencies are recognized as legal tender.
To guarantee transaction security, Ferrari is utilising the knowledge of several businesses in the Bitcoin payment industry. Because these technologies instantly convert cryptocurrencies into traditional currency, dealers will be able to accept payments without having to manage them directly. These solutions will also shield transactions from exchange rate-related pricing swings and confirm the source of funding, Ferrari stated.
Ferrari on Accepting New Modes of Payments
To date, most of Ferrari’s European dealers have already adopted or are in the process of adopting the new payment system, which complements traditional payment methods. Although the use of cryptocurrencies as a form of payment has been restricted thus far due to issues with inconsistent regulation and excessive energy consumption, Ferrari’s action represents a substantial change.
For the launch of its scheme in the U.S., Ferrari partnered with BitPay, one of the largest cryptocurrency payment processors, Reuters stated. This allowed transactions in Bitcoin, Ether, and USDC, one of the largest stablecoins.
As part of the scheme, BitPay immediately converts cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, protecting them from price swings and excluding fees or surcharges for clients.
However, it remains unclear which cryptocurrency payment processors Ferrari will use in Europe and other regions. The company has yet to provide details on whether it will use the same payment processors as it is in the U.S.
More Luxury Brands To Follow Suit?
This move by Ferrari is part of a broader trend among luxury and high-end brands exploring cryptocurrency payments. Tesla, the manufacturer of electric cars, started taking Bitcoin payments in 2021. But later on, Elon Musk, the CEO, put a stop to using cryptocurrency to pay for cars because of environmental issues with Bitcoin mining.
Ferrari has shown its belief in cryptocurrencies. It aims for both innovation and consumer happiness with its plan to expand its Bitcoin payment method.
Ferrari strives to accommodate its customer’s varied tastes by providing a variety of payment options, guaranteeing a smooth and safe transaction experience.