By Hassan Mehmood (Saudi Arabia)
Ferrari is a luxury car manufacturer. The company has recently decided to accept Bitcoin as payment for its luxury car sales. The decision was recently announced with the enterprise maintaining that it was to cater to the demand from its consumers and meet dealer requests.
The firm noted that various clients of the firm are dealing in digital currencies. The firm is also accepting payments in virtual currencies from European consumers.
Ferrari’s chief marketing and commercial officer, Enrico Galliera told Reuters that the firm was opening another payment avenue for its consumers.
Ferrari Allows Crypto Payment Option Based On Customers’ Demand
The executive retained that the decision to purchase luxury cars with Bitcoin was to cater to the popular demand among consumers. The company noted that its clientele consists of tech-savvy investors who have amassed a considerable amount of digital currency holdings.
The head of marketing at the car manufacturing unit told the media that the strong order portfolio for the firm is fully booked till 2025. He refrained from disclosing that how many car units the firm intends to sell for virtual currencies.
Also read:Ferrari will Offer Crypto Payment Option for European Buyers in 2024
However, the official revealed that the company is expanding its product to a new clientele that is beyond its current target audience. He also disclosed that the firm will introduce virtual currency payments for European buyers in the first quarter of 2024.
At the same time, the executive revealed that the firm intends to extend crypto payment options in other parts of the globe with considerable virtual currency demand. Ferrari also partnered with a well-known cryptocurrency firm called BitPay.
Buyers will be able to make crypto payments using the third party payments processing channel. Galliera retained that the buyers will be able to save up on additional fees or surcharges when purchasing with cryptocurrencies. He noted that BitPay will exchange virtual currency payments into fiat currencies for Ferrari dealers.
Ferrari’s Partnership with BitPay
Ferrari has partnered with BitPay to ensure that all virtual currency payments on the platform are legitimate. The clients of the firm will be able to purchase new cars from the brand by creating an account on BitPay.
This crypto payment processing company will prevent funds coming from illicit sources such as tax evasion and money laundering etc. During the last few years, various companies and brands have incorporated virtual currency payments from time to time.
Tesla is the electric car manufacturer that also enabled Bitcoin payments in 2021. However, the firm decided to suspend this payment mode citing environmental issues. AMC Theaters is another firm that started Bitcoin payments in 2021 for online ticket purchases.
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