A new retail initiative by way of a partnership between payments startup Flexa and the Winklevoss’ Gemini Exchange will see big name retailers like Crate and Barrel, Nordstrom, and Amazon’s Whole Foods accept Bitcoin (BTC) and 3 other cryptocurrencies for payments, Fortune reports.
Flexa is working with these retailers to configure in-store scanners to recognize transactions made via its app Spedn. The other cryptocurrencies that will be accepted are Bitcoin Cash (BCH), Ethereum (ETH), and stablecoin Gemini Dollar. The Fortune report reads,
The customer simply holds up their app to pay. The store cashier will typically be unaware the customer is paying with crypto, while the merchant receives a real-time payment in the form of their choosing (crypto or dollars).
The Fortune writer, Jeff John Roberts, personally tested the app himself, and had this to say,
The app, however, appears to work as advertised. This weekend, I tried it by downloading a test version of Spedn, and transferring $10 worth of Bitcoin to it. Next, I went to a Baskin Robbins in my neighborhood and bought a small coffee by scanning the app. It worked. Next, I went to a Starbucks (another partner in the project but an unofficial one) and bought a banana. That worked too. In each case, the app adjusted the amount Bitcoin in my wallet.
The arrival of crypto payments to the major retail outlets mentioned in the Fortune report would mark a huge step forward for the space, expanding adopting and growth.