Mark Weaden
The retailers Pacsun are due to begin accepting cryptocurrency from online shoppers
As we see cryptocurrency shift further into mainstream adoption, multi-brand retailer Pacsun announces it will begin accepting Bitcoin payments, as well as various other cryptocurrencies, using major online payment provider BitPay.
The announcement makes the online giants the first major retailers to offer digital currency payments. While the vast majority of online purchasing is still desired using traditional payment methods, the Gen Z audience that Pacsun has is very interested in crypto as a payment method.
Younger generations Interested In crypto
The decision was based on market analysis reports, which suggested that offering cryptocurrency as a payment method might be advantageous given the audience Pacsun appeals to. Social media has played a big role in the interest in crypto from younger generations, with celebrity endorsements of particular coins and the fact that these generations have been brought up in the digital age.
Pacsun co-CEO Michael Relich was quoted as saying “The Gen-Z audience, our primary consumer, is very tech-oriented, and we dedicated a lot of our efforts towards social media and e-commerce to align with their lifestyles and resonate with them on a more personal level.”
With a range of payment systems like Coingate and BitPay, merchants now have the tools to allow customers to purchase using digital currencies. Seamless integration of these payment systems, coupled with a growing desire to pay using crypto has led Pacsun to this point and will likely see many other merchants follow suit.
What other payment options do Pacsun offer?
The desire to pay with Bitcoin is clear. But, with a digital generation that has grown up in the age of digital currency, many customers hold a variety of currencies, with some favoring altcoins.
As such, Pacsun is going to accept 11 forms of cryptocurrency; these are Bitcoin, Ethereum, Dogecoin, Litecoin, across 11 different crypto wallets. While Pacsun isn’t the first company to do this, they are the first major online retailer to offer these types of payment options.
For BitPay this is an exciting announcement, with the CEO of BitPay Stephen Pair stating “As one of the first major apparel retailers to accept cryptocurrency, and a leading digital Gen Z fashion Pacsun shares our goal to let everyone live life on crypto making them a natural addition to our growing list of top brands adopting cryptocurrency.”
