Cash News
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Dive Brief:
- Sheetz is now accepting cryptocurrencies as payment for in-store purchases at all locations through a partnership with digital payment company Flexa, the companies announced last week.
- Consumers can pay with popular cryptos like bitcoin, ether and litecoin, along with stablecoins such as USD Coin.
- While the fervor around cryptocurrencies has faded since its heights in 2021, the digital currencies are still making inroads into the convenience industry, both through deals like this as well as stores installing cryptocurrency ATMs.
Dive Insight:
After a trial run at select Sheetz Cafe stores that started in May 2021, according to a Flexa spokesperson, Sheetz has decided to expand this program across its whole footprint.
With crypto being more popular among younger people according to data from crypto platform Bakkt, the ability to pay with digital currency could encourage these consumers to prioritize shopping at Sheetz. The technology integrates directly with Sheetz’s current point of sale system, according to the announcement.
Customers will need to download a separate app and load it with the cryptocurrency they want available to spend. To use the cryptocurrency at Sheetz, customers select it in the app, then scan the code it displays at checkout.
“We’ve always been committed to giving our customers more payment options,” said Sheetz executive vice president of Marketing and Supply Chain Ryan Sheetz. “We’re excited to make digital currency payments available at all our stores and to meet the growing interest in stablecoins among our customers.”
Customers who choose to pay with crypto can get $20 off their first purchase, according to the announcement. Flexa can also be used with the My Sheetz Rewards loyalty program.
While crypto payments are not common among c-stores, crypto ATMs, which allow customers to add various coins to their digital wallets, have cropped up at retailers like Jacksons Food Stores, Nouria, GetGo Cafe + Market and High’s.
Several retailers, including 7-Eleven, QuikTrip and Wawa, have dipped their toes into non-fungible tokens. These digital collectibles are secured on the same blockchain technology that powers cryptocurrencies.
Altoona, Pennsylvania-based Sheetz operates over 750 store locations throughout Pennsylvania, West Virginia, Virginia, Maryland, Ohio and North Carolina.