Youth fashion retailer Pacsun will accept bitcoin and other cryptocurrencies using 10-year-old blockchain payment provider BitPay, according to a Tuesday (Oct. 5) press release.
Since cryptocurrency is a growing trend among the California-based retailer’s Generation Z customers, adding crypto payments made sense, the release stated. PYMNTS found that more than 54% of current or former crypto owners are members of Gen Z.
“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 in the release. “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 listens.”
Pacsun will support 11 cryptos under BitPay, including bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Dogecoin, Litecoin and five U.S. dollar-pegged stablecoins, along with various crypto wallets and exchanges, including Coinbase, Exodus Wallet, Metamask, Blockchain Wallet, Electrum Wallet, Trust Wallet, Ledger Wallet, BRD Wallet, Gemini, Kraken and Binance, the release stated.
“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 the release. “It’s incredible to pave the way for the fashion and retail industry, being the first to offer cryptocurrency payments through BitPay, and we anticipate many other companies following suit considering the ease it brings to the checkout process.”
The popularity of cryptocurrency is growing at a fever pitch. According to PYMNTS research, as many as 18% of the population — 46 million consumers — would be likely to make a purchase with cryptocurrency.
PYMNTS found that two-thirds of cryptocurrency owners said that there are not enough merchants that accept crypto payments.