Pacsun partners with Bitpay for crypto payments
Pacsun, the youth fashion retailer in the US, has announced that it would be able to accept crypto as payments for purchases made at its store through a partnership with the blockchain company BitPay.
This follows a growing trend among Gen Z users to prefer crypto for payments especially in regions like California. Globally, crypto has started receiving a lot of attention and there has been a combined effort from industry insiders and others to push crypto into mainstream usage and that is possible now more than anytime else. Through this partnership, Pacsun will be able to accept payments in 11 cryptos which include Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Litecoin, and five other dollars pegged stablecoins.
“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. “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 listen.”
It is indeed interesting that the retailer has gone in for a combination of cryptos that are a fad and also some that have real utility. While most companies nowadays tend to use crypto as more of a marketing tool and serious usage, which is evident from the fact that they accept only bitcoin whose price is highly volatile, Pacsun has chosen cryptos like Dogecoin and Bitcoin for their marketing value and have also chosen to accept stablecoins which is likely to be the more logical option for payments in the long term. The use and the prevalence of crypto among the mainstream users, especially the latest generation of users who prefer digital wallets and payments is not something that can be denied and so it is good to see more and more businesses coming around to that view and embracing crypto.
It is expected that more merchants would onboard the crypto bandwagon in the coming months and the trickle now could soon turn into a flood. The regulators also seem to have come around to that view which is why they are working furiously to regulate crypto and also introduce the digital version of their fiat currencies.