Sheetz convenience store chain, one of the largest in the northeastern United States, has announced plans to accept cryptocurrency as a means of payment in retail outlets. It is the first chain of stores to allow shoppers to pay with digital currencies. Payment in cryptocurrency will be available at gas stations and other retail outlets of the network. The company has 622 points of sale in Pennsylvania, Ohio, Maryland, Virginia, North Carolina, and West Virginia.
It will be possible to pay for purchases at Sheetz with Bitcoin, Ethereum, Litecoin and Dogecoin. For this, the company will cooperate with the Flexa cryptocurrency payment system. She maintains customer accounts in the My Sheetz Rewardz loyalty system.
You can log in automatically when connecting to payment gateways through POS terminals. This action reduces the risk of fraudulent activity, simplifies customer interactions and reduces transaction costs.
To pay, users will need to install a special mobile application. In-store scanners will be configured to accept payment through the application, and the cashier will not even know that the user is paying for purchases with cryptocurrencies. The retail network will receive funds from Flexa in real time, and transfers will be available in both cryptocurrencies and US dollars.
The solution, developed by Flexa, is said to enable real-time transactions and the app makes the purchase process fast and hassle-free. Flexa CEO Tyler Spalding stressed that the use of cryptocurrencies will help retailers to reduce the commissions that are paid for cashless payments. In addition, cryptocurrency payments will provide stores with the opportunity to experiment with new types of loyalty programs.
Sheetz was founded in 1952. For 2018-2019 sales during the fiscal year were $ 7.5 billion. Ranked in Fortune’s Top 100 Best Companies to Work with (2014, 2016–2020).
Growth in the adoption of cryptocurrency payments
As previously reported, a Mastercard survey conducted earlier in May showed that up to 40% of respondents worldwide expressed an interest in using cryptocurrency for payments in 2022. Indeed, there has been a surge in retail cryptocurrency payments adoption lately. With payment giant PayPal joining the fray back in 2020. In March, the company began allowing US customers to pay for online purchases with Bitcoin.
In late April, US flexible workspace provider WeWork announced support for cryptocurrency payments as part of a partnership with processing service BitPay.
Earlier, the management of the British travel company Corporate Traveler noted the desire of customers to use cryptocurrencies as a means of payment, as a result of which the company began to accept Bitcoin for payment. Also, the Starbucks coffee chain recently introduced cryptocurrency payments.
But there are also opposite sentiments. In mid-May, carmaker Tesla suspended Bitcoin sales of electric vehicles due to the non-sustainable way of mining them. The head of the company, Elon Musk, said on Twitter that Tesla cannot afford to harm the environment. So, it will not accept cryptocurrency as payment until it starts mining with renewable energy sources. Musk later met with North American Bitcoin miners to discuss the use of renewable energy sources for cryptocurrency mining. The businessman called the event “potentially promising”.