Mexican Retailer Famsa Starts Accepting Bitcoin

Journalist:
October 13, 2015

Mexican retailer Grupo Famsa, a large household and consumer appliance store has, with a partnership with BitPay, started accepting bitcoin.

Grupo Famsa, a retail company with revenues of nearly USD $1 billion in 2014 has now started accepting bitcoin as a mode of payment in its online retail store.

Headquartered in Monterrey, Mexico, Grupo Famsa also retails furniture, clothing and other consumer products along with electronics and household appliances. The retail chain currently operates 421 stores across 78 Mexican cities and 37 cities in the United States.

The news was shared by Mexican bitcoin exchange – Bitso, on its Facebook page. It read:

Excellent news! Now you can buy directly with bitcoin at www.famsa.com

Enabled by our friends from BitPay.

Curiously, Grupo Famsa also provides banking and credit services such as car financing within its stores in Mexico. Despite its presence in financial services, the company hasn’t made any announcement to welcome bitcoin onto its financial arm.

However, a quick shopping run proved that Famsa does accept bitcoin for all products purchased online. The retailer is processing transactions by using the services of bitcoin payment processor – BitPay.

The jury is still out on merchant bitcoin adoption and how the cryptocurrency will ultimately fare over time. Online digital card platform Gyft recently spoke to CCN and pointed to a drastic 80% drop in bitcoin usage. Meanwhile, adult entertainment websites are among the thriving adopters of bitcoin.

Images from Famsa.com and Shutterstock.

Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas