Amazon Whole Foods is now accepting bitcoin as a payment method in their stores.. This huge news in the adoption of cryptocurrencies is thanks to a deal between payments startup Flexa and Gemini.
Purchases using cryptocurrencies including bitcoin, ether, Bitcoin Cash, and Gemini Dollar (GUSD) can be made by downloading an app called Spedn. GUSD is the stablecoin of the Winklevoss’ Gemini exchange.
GUSD should introduce some stability into crypto payments given the volatile nature of the bitcoin price.
Tyler Winklevoss said:
“The idea of living on crypto is now a reality. You can now do it. For the consumer, it amounts to being crypto conscious. It’s like being green.”
Amazon could be next
The announcement is what everyone has been waiting for and the way it has come is almost an anticlimax, even if the recent price moves show that something special is happening. If Amazon Whole Foods can accept bitcoin and other cryptocurrencies, theoretically Amazon’s entire marketplace can integrate the infrastructure to do the same, seemingly with Flexa.
The Flexa/Gemini/retailer partnerships are the best of both worlds. The technology builds on existing payments infrastructure that’s used to accept digital payments such as Apple Pay. All the retailers have to do is make a small adjustment to their scanners to identify payments from the Spedn app.
Amazon Whole Foods already use Tap-and-go
Customers are already familiar with tap-and-go with their mobile device, so there’s nothing new for them to do. There are no additional hoops for the cashier to jump through that might slow down the line. As for the merchant, they can either accept to take the payment in crypto or convert it into fiat money.
In addition to Amazon Whole Foods, the initiative extends to other merchants including Crate and Barrel and high-end retailer Nordstrom. The Flexi network is comprised of more than 30,000 stores and finally thrusting crypto into the spotlight for micro-purchases such as a cup of coffee, pizza, or electronics.