Business ‘first in the world’ to use new payment technology
A CARDIFF watch business is believed to be the first company in the world to use new payment technology which allows customers to purchase items with cryptocurrency.
Watches of Wales, in Morgan Arcade in the city centre, says it hopes the move to accepting digital currency like Bitcoin and Ethereum will offer a “VIP experience” to customers around the globe and was prompted by a desire “to move with the times”.
The payment technology, Utrust, facilitates transactions with any of the major cryptocurrencies and allows customers to choose which digital assets to pay with so they can take advantage of market conditions.
The digital currency is then instantly and automatically converted into cash for businesses, while traders who already accept crypto payment have to convert it themselves.
The payment service has been integrated into the ecommerce platform Shopify, which allows anyone to set up an online store and sell their products.
The family-owned Watches of Wales was founded by Paul Hornblow in 2013 and employs eight people at its shop in Cardiff’s Morgan Arcade.
The company has an annual turnover of just under £7m and has supplied luxury wristwatches to Welsh sporting stars including Aaron Ramsey, George North and Brett Johns.
Mr Hornblow said: “We are a proud Welsh company and equally proud of the fact we are the first company not only in
Wales, but the world, to use this form of cryptocurrency payment.
“We have been focused on providing customers with a VIP experience since we started this business over seven years ago.
“As a company we want to move with the times. We have a client base from around the world who are already flocking to digital currencies.
“This is the future for online retailers, especially after a year when many companies have had to close down their high street stores and move online due to the coronavirus pandemic.
“We have already had customers paying for our products with cryptocurrency, which shows we are right to head in this direction. I can only see it growing in the next few years.”
Utrust chief executive Sanja Kon said: “We are entering a huge market like Shopify and we are doing it with a new programme that adds value for merchants and for customers.
“Our first merchant to deploy this solution, Watches of Wales, is a perfect example of how we can help any kind of business, regardless of their specificity.”