Multibrand retailer Pacsun has announced it will now be accepting bitcoin and other cryptocurrencies through blockchain payment provider BitPay, becoming one of the first major retailers to implement the technology into its space.
Its decision is based on a report by GoBankingRates, that suggested the payment method is a major trend among the Gen Z audience. The retailer noted that its importance stems from that of the digital generation, as well as the rise in celebrity endorsements of crypto adoption.
“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,” said Michael Relich, co-CEO of Pacsun, in a release. “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.”
Pacsun is to accept 11 forms of crypto, including Bitcoin, Ethereum, Dogecoin and Litecoin, as well as 11 Crypto Wallets. It joins luxury brand Phillip Plein in accepting the tech-forward payments, with the Swiss brand implementing the change back in August. Other retailers have taken to selling gift cards for the payment method.
“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.”