Lush begins accepting bitcoin payments

UK-based cosmetics firm Lush has started accepting bitcoin as a form of payment on its uk.lush.com website to expand global payment options.

Bitcoin is a crypto-currency and digital payment system that allows direct transactions between user parties and eliminates the need for an intermediary.

Transactions through this system are verified by network nodes and said to be recorded in a public distributed ledger called blockchain.

According to Lush, this payment method is not affected by global foreign exchange fluctuations.

Claimed to be the first decentralised digital currency, bitcoin is available as an exchange for currencies, products, and services.

Lush finance manager Mike West said: “With bitcoin, customers from all around the world will pay the same for our products, free from volatile currency fluctuations and lofty bank charges.

“Crypto-currencies are the future of global trade and we want to ensure that we are prepared to move into this new digital era.”

The new form of payment is expected to enable the firm to work in new ways with its customers, global suppliers, and charity groups.

Lush believes that bitcoin will offer transparent and secure transactions without high charges, exchange rates, fees, or cross-border financial barriers.