by The popularity of cryptocurrencies such as Bitcoin has grown massively across the world recently. Carpus, the UK has developed one of the most positive regulatory backgrounds globally, driving innovation in the crypto sector. Consequently, a rising number of major British retailers and corporations now welcome cryptocurrency payments. Research shows that in 2021, approximately 2.3 million UK adults owned some type of crypto asset. This article investigates the expanding range of companies, from leading brands to specialty stores, embracing crypto payments.
Major Retailers That Accept Crypto
A number of the largest consumer retailers in the UK have started accepting Bitcoin and other major cryptocurrencies. This demonstrates the growing mainstream adoption and gives crypto holders more options to spend their assets.
Online Retailers
Online shopping giant CeX, which sells everything from video games and consoles to phones and tablets, accepts Bitcoin payments on its website and across its stores nationwide.
Other online retailers like Lush Cosmetics, known for their handmade soaps and bath products, also enable customers to pay with Bitcoin. Lush uses the BitPay payment processor to facilitate crypto transactions.
The online store 5wire offers a vast range of consumer products from tech to household appliances and has integrated crypto payment options.
Specialty Stores
For those looking to spend their Bitcoin on luxury items, UK companies like C.W. Sellors accept cryptocurrency payments. The jewelry and watch retailer offers high-end timepieces from brands like Rolex, as well as diamond jewelry.
Girl Meets Dress is another specialty retailer accepting Bitcoin, renting out designer dresses for special events and occasions across the UK.
The premium rug company The Real Rug Company, supplies carpets and rugs to celebrities and millionaires. They also allow clients to pay for these exclusive handmade products using digital currencies.
Hospitality and Travel
The travel industry is leading the way in crypto adoption. Private jet charter company PrivateFly allows clients to book flights using Bitcoin and other cryptocurrencies. The ability to tap into crypto fortunes is attracting high-end travelers.
CheapAir is an online travel agency that also accepts Bitcoin payments for flights, hotels, and car rentals. The website has seamlessly integrated digital currency payment options for smooth booking.
For those looking specifically for crypto-friendly accommodation, Travala is a leading online booking platform accepting over 30 different cryptocurrencies including Bitcoin.
Small Businesses Are Joining In
The trend towards accepting crypto payments is being led by small and medium enterprises (SMEs) across diverse sectors. For example, UK-based hosting companies like Hosting.co.uk, BitFolk, and Manchester VPS accept Bitcoin for their web hosting, VPN, and server hosting services.
Within retail, smaller niche stores are also getting involved. Maths Gear is an entertaining online store selling unique math-related games, puzzles, and toys – purchasable with Bitcoin. Luxury cashmere scarf brand My Pashmina is another smaller retailer accepting cryptocurrency on their site.
And car dealership Prestige Kent Cars allows customers to pay for exotic sports vehicles using Bitcoin and other cryptos.
Indirect Acceptance Via Gift Cards
For leading brands that don’t directly take cryptocurrencies yet, gift cards have become an easy way to enable indirect crypto spending.
Retail giants like Tesco, Sainsbury’s, and Amazon all allow UK customers to purchase gift cards using Bitcoin through intermediaries. The cards can then be used to shop online or in stores in the traditional way.
This approach gives major corporates an easy introduction to crypto payments to test demand before fully integrating digital currencies into their own checkout systems in future.
The Benefits for Businesses
Now that we’ve explored some of the many UK enterprises accepting crypto assets, let’s discuss why it makes sense for their operations. There are some key potential benefits, motivating adoption.
Wider Customer Base
With statistics showing 2.3 million adults in the UK already owning cryptocurrency, accepting Bitcoin and other cryptos allows retailers to tap into this new pool of potential clientele.
As crypto becomes more mainstream, failure to offer crypto payment options could mean losing out on lucrative sales. Forward-thinking companies are making sure they attract crypto natives.
Lower Fees
When it comes to payment processing costs, credit card fees are typically 2-4%. But for Bitcoin transactions, average network fees are normally under £1.
By passing on these major cost savings to customers, merchants can reduce prices and become more competitive.
Conclusion
As we have explored, cryptocurrency adoption in the UK retail and hospitality industry is accelerating. Both global corporate giants and innovative small businesses are opening up to crypto payments.
For savvy enterprises, accepting Bitcoin and other digital currencies provides access to a growing crypto-native customer base and offers big savings on payment processing fees.
Although some major brands are still testing demand with indirect acceptance via gift cards, the trajectory towards mainstream crypto integration seems clear. More and more transactions for everyday goods and services will likely occur over blockchain rails in coming years as the underlying technology matures.
Overall the UK stands out as one of the most forward-thinking countries globally in embracing cryptocurrency commerce.
FAQs
Does Amazon accept Bitcoin directly?
No, Amazon does not yet directly accept Bitcoin. But UK customers can purchase Amazon gift cards with Bitcoin through intermediaries, then spend those cards on the Amazon website.
What are some niche UK stores that take crypto?
Some interesting niche retailers accepting crypto include luxury rug store The Real Rug Company, designer dress rental service Girl Meets Dress, and entertaining math-themed toy store Maths Gear.
Is there a way to spend crypto at stores that don’t directly accept it?
Yes, through using a cryptocurrency debit card linked to your Bitcoin or crypto wallet. It will automatically convert holdings to fiat currency at point of payment.
What percentage of UK adults own cryptocurrency?
According to 2021 FCA research, an estimated 4.4% of UK adults now own some form of cryptocurrency like Bitcoin.
Why would a business want to accept crypto payments?
Key reasons include expanding their customer base to crypto holders, benefitting from faster settlement times, and drastically lower payment processing fees.
