By Kimberly Crain
Ferrari, a fast-paced Italian luxury car, has introduced crypto payment for US customers. An official communication from the Ferrari group stated that the high demand for crypto payment prompted the carmaker to integrate a new payment method.
For decades, the Ferrari allowed users to pay using cash and bank deposits. However, with the changes in customers’ preferences and the dynamism of the business environment, the Ferrari team noted that the users were seeking for cheaper, faster, and more convenient payment methods.
Ferrari Introduces Crypto Payments
In an exclusive interview with Reuters, Enrico Galliera, Ferrari’s chief marketing and commercial officer, stated that the car manufacturer plans to introduce crypto payment in Europe. Mr.Galliera confirmed that the wealthy customers had requested the company to consider accepting crypto payments to cope up with the emerging economies.
The announcement revealed that Ferrari will work closely with BitPay, a US-based Bitcoin payment provider, to introduce crypto payment on the company portfolio. According to the agreement, the BitPay team will facilitate the conversion of crypto assets to local fiats on behalf of the customers.
Also, collaborative approach between the two aims at enabling US customers to make payments through Bitcoin (BTC), Ether (ETH), and USDC. The intergration of crypto payment exempts the US users from incurring extra costs.
However due to the volatile nature of the crypto assets, Ferrari agreed to limit the exposure of crypto to the dealers and customers. The primary objective of the collaboration was to safeguard the customers from the unstable crypto markets.
Also read:Also, the BitPay team was tasked to ensure the crypto transactions channeled to Ferrari were legitimate. The report indicates that the payment company will be required to sever suspicious transactions to prevent money laundering and financial crime.
Ferrari Plans to Manufacture Zero-Carbon Products in 2030
Besides the partnership with BitPay, Galliera stated that the carmaker plans to develop zero-carbon products to mitigate climatic changes. The executive noted that the shift to crypto assets has helped in reducing the emission of greenhouse gasses.
He admitted the exciting adoption of crypto and blockchain technologies has compelled firms to replace the old hardware with new software that has no impact on the environment. Also, crypto has encouraged companies to shift from fossil fuel to renewable energy sources.
The executive noted that introducing crypto payment aligns with Ferrari’s environmental policy of attaining a zero carbon print by 2030. Galliera added that Ferrari seeks to re-engineer its value chain to reduce direct and indirect emissions of carbon gasses.
Beyond this, the official admitted that Ferrari’s latest development aims to establish a solid relationship with the customers. Having a long history as a customer-centric carmaker, Galliera argued that the decision to introduce the crypto payment emanated from the customers and dealers requests. He noted that most of the customers had invested heavily in digital assets.
Customers Demand for Crypto Payments
The executive confessed that the Ferrari targets wealthy customers, including crypto investors and public figures desire to own a prestigious car. He admitted that most affluent investors have expanded their portfolios to the crypto sector to increase investment value.
Even though the lead marketer failed to disclose the exact number of vehicles Ferrari anticipates selling through crypto, Galliera confessed that the car manufacturer plans to explore new opportunities in the universe.
He was excited to state that Ferrari has a fully booked order portfolio until 2025. The official added that the commitment to explore new opportunities solidify Ferrari’s relationship with the community and its existing customers.
Moreover, the carmaker plans to allow European users to make crypto payments in Q1 of 2024. Afterward, Ferrari will allow other pro-crypto states to use crypto payment through collaboration with other payment providers.
A review of the recent financial report illustrated that Ferrari sales reached 13200 cars valued between 200000 Euros and 2 million Euros last year.
The report illustrated that Europe, the Middle East, and Africa (EMEA) emerged as the largest market for Ferrari, with around 46% shipments in Q2 of 2023. Correspondingly the report underlined that the sales volume in Europe was similar to that of the US.
Editorial credit: Tanase Sorin Photographer / Shutterstock.com
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