Ferrari expands its payment options, allowing customers in Europe to pay for their luxury sports cars with cryptocurrencies.
To ensure the security of transactions, Ferrari collaborates with various companies specializing in cryptocurrency payments. This allows merchants to accept crypto payments without having to manage them directly, as the cryptocurrencies are immediately converted into traditional currencies. This protects the transactions from price fluctuations and enables the verification of the origin of funds.
Already at the time of the announcement, most European Ferrari dealers had implemented or were in the process of introducing the new payment system. This addition to the traditional payment systems is intended to help dealers better meet the changing needs of their customers.
Ferrari's Introduction of Crypto Payments Met with Great Interest, Despite Cryptocurrencies Being Viewed Skeptically Due to Volatility, Lack of Regulation, and High Energy Consumption
In the US, Ferrari collaborates with cryptocurrency payment processor BitPay to enable transactions in Bitcoin, Ether, and USDC. These crypto payments are immediately converted into traditional currencies on behalf of Ferrari dealers, resulting in no fees or surcharges for customers. It has not been disclosed whether Ferrari will use other payment processors in Europe and other regions.
Despite progress, the acceptance of crypto payments in Europe remains controversial. The European Central Bank (ECB) does not consider cryptocurrencies like Bitcoin as currency, but rather as speculative vehicles with massive value fluctuations. Additionally, cryptocurrencies are often used for criminal activities such as money laundering, according to the ECB.
Ferrari continues to believe, however, that the acceptance of crypto payments opens up new opportunities and improves the customer experience.
