GoBankingrates Reported today Multibrand retailer Pacsun will soon begin accepting bitcoin and other crypotcurrencies as a payment method, becoming one of the first major retailers to implement cryptocurrency payments in its industry
It made the decision based on a GoBankingRates survey that stated that the payment option is a prominent trend among Gen Z. Its significance, according to the company, arises from the digital generation’s influence, as well as a growth in celebrity endorsements of crypto usage.
“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,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 listen.”
said Michael Relich, co-CEO of Pacsun, in a release.
Pacsun will accept 11 different crypto currencies, including Bitcoin, Ethereum, Dogecoin, and Litecoin, as well as 11 different crypto wallets. It joins premium brand Phillip Plein in taking tech-forward payments, which was implemented in August by the Swiss firm. Other merchants have started selling gift cards as a payment option.
“We are very excited that Pacsun has decided to adopt BitPay and add cryptocurrency as a form of payment,” commented Stephen Pair, co-founder and CEO of BitPay. “As one of the first major apparel retailers to accept cryptocurrency, and a leading digital Gen Z fashion brand, 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.”