Ripple partners with Lunu for in-store crypto payments

Token provider Ripple has partnered with crypto exchange Lunu to allow Berlin-based retailers to accept crypto-based in-store payments.

Lunu claims it already works with retailers such as Farfetch, Off-White, Browns, and Steven Stone, enabling them to accept payments via its point of sale (POS) terminal and online widget.

The companies said the incorporation of Ripple’s Liquidity Hub will enable Lunu’s customers to accelerate their acceptance of crypto payments by improving the exchange of crypto assets to fiat via one platform.

Despite partnerships like the above, cryptocurrency adoption within the retail industry is not universal.

Amazon chief executive Andy Jassy has said that the company is unlikely to introduce cryptocurrency payments, despite predicting that “crypto will become bigger”.

The demand for crypto payments is there among consumers, however.

Four per cent of all age groups expect to use crypto as a preferred payment method in five years’ time, compared to one per cent today, according to recent research by payment provider emerchantpay.

The research suggested that this could equate to as many as 2.68 million people nationally, or £4.4 billion in online payments being made in cryptocurrency in the UK annually, by 2026.

“For luxury retailers it is vital to stay on top of the latest trends, and when it comes to payments the greatest innovation is coming from the evolving crypto scene,” said Rajesh Madhaiyan, director of product at Lunu. “Thanks to Lunu these retailers get access to new, younger, more affluent audiences that are constantly growing in numbers.”

He added: “Our partnership with Ripple has the potential to greatly impact retailers’ customer service offerings by expanding the variety of payment methods and by portraying retailers' brands as more innovative and progressive”.

“Crypto liquidity is the common thread that underpins all of Ripple products, from payments to lending and credit. Our ambition is to build a suite of enterprise-oriented crypto products for the benefit of our clients and their customers,” said Sendi Young, managing director, Europe at Ripple. “This is why we are so excited by this fantastic new use case for Liquidity Hub which will enable Lunu’s luxury retail clients to accept crypto payments at the point of sale.”

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