Fintech: Southeast News

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Posted November 19, 2021

 

Recently,Anaheim, Calif.–based PacSun announced a partnership with leading blockchain payment provider BitPay that will allow the Southern California–lifestyle brand’s customers to pay for their purchases with cryptocurrency.

The partnership makes PacSun the first major brand in the fashion-and-retail space to accept cryptocurrency. Atlanta-headquartered BitPay allows retailers to receive settlement the next business day directly to their bank accounts in its local fiat currency so businesses don’t have to hold the cryptocurrency and can avoid price volatility. Crypto payments are push-versus-pull payments, which eliminate risks typically associated with card-based transactions.

Using BitPay, customers will be able to pay for their purchases with 11 different cryptocurrencies: bitcoin, bitcoin cash, ethereum, wrapped bitcoin, dogecoin and litecoin. Five different stablecoins pegged to the U.S. dollar—GUSD, USDC, USDP, DAI and BUSD—will be accepted. In addition, PacSun will support several different crypto wallets and exchanges. The company took a balanced and diversified approach when deciding on the types of coins to accept.

Although there are concerns surrounding security and price volatility, cryptocurrency has become increasingly popular among Millennial and mainly Gen Z audiences. A May 2021 study found that14 percent of American adults, or around 21 million people, owned cryptocurrency, and 20 percent of people who have never owned cryptocurrency are likely to buy within the next year.

“PacSun’s decision to accept crypto follows many other major brands that believe in this new and modern pay option. Crypto payments help businesses attract a new customer segment while lowering payment costs and eliminating fraud chargebacks. These benefits are the buzz that are attracting more businesses to adopt, and the more companies that adopt crypto the quicker crypto goes mainstream,” said Bill Zielke, CMO of BitPay.

 

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