Pacsun to begin accepting bitcoin
A teen apparel brand is the latest retailer to join the cryptocurrency trend.
The week of Oct. 4, Pacsun is becoming the first major brand in the fashion and retail space to accept bitcoin and other cryptocurrencies using blockchain payment provider BitPay. Once a customer selects the Pay with BitPay button, the payment process begins with them selecting a crypto wallet, and then selecting the currency. Customers then scan a QR code to complete cryptocurrency payment.
Pacsun has been making efforts to provide digital content and services popular with its core Gen Z customer base. In addition to accepting bitcoin and other cryptocurrency, these initiatives also include partnering with game development studio Melon and global online gaming platform Roblox to make select clothing items available in the Roblox Avatar Marketplac for purchase with “Robux” in-game online currency.
Other youth-focused digital initiatives Pacsun has launched in the past year include virtual try-on experiences via Snapchat, initiatives on TikTok, and shoppable ads on Instagram. The company intends to move to shoppable experiences on TikTok by 2022.
BitPay and Pacsun are both active on social media, and will roll out special content across platforms including Twitter, Facebook, Instagram, and LinkedIn. Pacsun will also work with social influencers to create TikTok and Instagram content around BitPay and its own brand, as well as host a branded livestream event with a guest influencer and a Pacsun executive.
Meanwhile, retailers including Newegg and Camping World also partner with BitPay to engage in cryptocurrency transactions.
Pacsun will support 11 cryptocurrencies under BitPay, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Dogecoin, Litecoin, and five U.S. dollar-pegged stablecoins. In addition, Pacsun will accept the Coinbase, Exodus Wallet, Metamask, Blockchain Wallet, Electrum Wallet, Trust Wallet, Ledger Wallet, BRD Wallet, Gemini, Kraken, and Binance crypto wallets and exchanges.
"With digital sales doubling since last year, we understand the continued importance of creating an exceptional online shopping experience for our customers," said Brie Olson, president of Pacsun. "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 Gen Z audience, our primary consumer, is very tech-oriented, and we dedicate 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 (Mike) Relich, co-CEO at Pacsun. "Seeing their increasing desire towards 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."
"We are very excited that Pacsun has decided to adopt BitPay and add cryptocurrency as a form of payment," said 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."