Youth Fashion Brand PacSun To Adopt Payments In Cryptocurrencies

PacSun has roped in popular crypto payment service provider, BitPay to process the payments, allowing a host of cryptocurrencies to be used.

By Shomik Sen Bhattacharjee | Updated: 7 October 2021 15:32 IST

Highlights

PacSun has roped in BitPay to process crypto payments
PacSun will allow payments from 11 crypto assets at launch
The fashion retail brand has 400 outlets in the US, Puerto Rico

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.

Bitcoin Moves Past $55,000 for First Time in Over 5 Months

“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.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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