With the help of the blockchain company BitPay, Pacsun, the youth fashion retailer in the US, has announced that it will accept crypto for payments made at its store.
According to the release, cryptocurrency is a growing trend among the retailer’s Generation Z customers, so adding crypto payments made sense. “The Gen Z audience, our primary consumer, is very tech-oriented, and we dedicate a lot of our efforts toward social media and eCommerce to align with their lifestyles and resonate with them on a more personal level,” said Pacsun Co-CEO Michael Relich in the release. “Seeing their increasing desire toward cryptocurrency, it was clear that we needed to adjust and offer BitPay as another payment option, to further instill their confidence in us as one of their go-to retailers that truly listens.”
There is indeed something interesting about the way that the retailer has chosen to combine cryptocurrency fads with real-world uses. The fact that most companies today use crypto as a marketing tool and for serious purposes is evident from the fact that they only accept bitcoin, whose price fluctuates greatly. Pacsun has chosen cryptos like Litecoin and Bitcoin and has also chosen to accept stablecoins which is likely to be the more logical option for payments in the long term.
There can be no denying the increased use and popularity of crypto among mainstream users, especially the latest generation of users who use digital wallets and payments, and it is encouraging to see more and more businesses adopting this view and accepting crypto.
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Pacsun will support 11 cryptos, such as bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Dogecoin, Litecoin and five dollar-pegged stablecoins, along with various crypto wallets and exchanges, including Coinbase, Exodus Wallet, Metamask, Blockchain Wallet, Electrum Wallet, Trust Wallet, Ledger Wallet, BRD Wallet, Gemini, Kraken and Binance, the release stated.
“With digital sales doubling since last year, we understand the continued importance of creating an exceptional online shopping experience for our customers,” said Pacsun President Brie Olson in the release. He also stated, “It’s incredible to pave the way for the fashion and retail industry, being the first to offer cryptocurrency payments through BitPay, and we anticipate many other companies following suit considering the ease it brings to the checkout process.”
In the coming months, more merchants are expected to jump on board the crypto bandwagon and the trickle now could soon turn into a flood. The regulators have also come around to that view, which is why they are working furiously on regulating crypto and introducing the digital versions of their fiat currencies.