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American clothing retailer PacSun has stated that in addition to Bitcoin, it would now accept ten alternative cryptocurrencies.
These cryptocurrencies include Ether, Bitcoin Cash, Wrapped Bitcoin, Dogecoin, and Litecoin.
The payments will be handled by the well-known cryptocurrency payment service company BitPay, with whom the outlet has partnered. Consequently, it can now take cryptocurrency tokens as payment.
When checking their shopping cart on PacSun, shoppers will now be able to see a button labeled “Pay with BitPay”.
They can choose the cryptocurrency and payment wallet that best suits their needs. Once the QR code is scanned, the deal is finalized.
In the retail industry, PacSun is known as a Ge Z store. The company operates 400 stores in the United States and Puerto Rico.
According to the company, it was the “first significant brand in the fashion and retail market” to accept cryptocurrency payments.
PYMNTS conducted research in the United States that found that 54% of the country’s Gen Z population is either investing in cryptocurrencies at the present time or has invested in cryptocurrencies in the past. So, the business has moved in this direction in response to consumer preferences.
This was announced in a press release by PacSun’s president, Brie Olsen, who said, “With digital sales doubling since last year, we understand the continuous importance of delivering an excellent online shopping experience for our customers.”
Michael Relich, co-CEO of PacSun, says, “Given the increased customer appetite for the cryptocurrency, it was evident that we needed to respond and provide BitPay as a second payment option.”
The company BitPay is among the most established crypto institutions in the United States. Both organizations are planning to roll out a massive advertising push that will heavily feature social media.
US-based cinema giant AMC Theaters made a similar announcement a day before PacSun, saying they would accept Dogecoin payments. Earlier this year, AMC Theatres began to accept Bitcoin as a form of payment.
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