US fashion brand Pacific Sunwear, or PacSun, announced that it will accept payments in Bitcoin and 10 other altcoins including Ether, Bitcoin Cash, Wrapped Bitcoin, Dogecoin and, Litecoin. The outlet has tied up with popular crypto payment service provider, BitPay to process the payments, allowing the outlet to accept a variety of cryptocurrencies from the get-go.
When checking out their shopping carts at PacSun, shoppers will now begin to see a button labelled “Pay with BitPay” which will allow them to choose which cryptocurrency they want to pay with, and the crypto wallet to use. The transaction is then completed through a process that simply involves scanning a QR code.
PacSun likes to be identified as a Gen Z-focussed outlet and with 400 outlets scattered across the US and Puerto Rico, claims to be the first “major brand in the fashion and retail space” to allow payments in cryptocurrencies. A recent study by PYMNTS in the US discovered that as much as 54 percent of the country’s Gen Z population currently invest or have invested in cryptocurrencies in the past. The move is, therefore, in line with the company’s ethos.
“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 a release announcing the move. “Seeing their increasing desire towards cryptocurrency, it was clear that we needed to adjust and offer BitPay as another payment option, to further instil their confidence in us as one of their go-to retailers that truly listens,” adds co-CEO at PacSun, Michael Relich.
BitPay is among the oldest crypto institutions in its space in the US. Both companies already have plans in motion to launch a broad marketing campaign that utilises their social media reach.
The announcement from PacSun also arrives just a day after US-based movie theatre chain AMC Theatres opened up payments to accept Dogecoin.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
