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Newegg, a giant e-retailer for electronics, has announced that it will now be accepting bitcoin payments in most of its stores.
In a press release, it was noted that bitcoin payment will be expanded to an additional 73 stores. With Newegg having a presence in 80 countries, this expansion places bitcoin payment options in the hands of a majority of the branches. This is something that Newegg President of Global Sales, Anthony Chow wanted to drive home.
“Five years ago, we were one of the first major online shopping destinations to accept Bitcoin, and our early-adopter customers were quick to embrace this new payment option,” Chow said. “Broadening the ability to pay with Bitcoin to the majority of our global network underscores our commitment to bring innovation to the online shopping experience, and answers customers’ growing preference for our Bitcoin payment option.”
The bitcoin payment process itself will be handled by BitPay, which Newegg formed a partnership with back in 2014. In the press release, BitPay’s Chief Commercial Officer, Sonny Singh noted how accepting bitcoin payments only makes sense.
“Bitcoin allows users to send and receive money just as easy as sending an email, opening up opportunities for businesses and consumers globally as a secure, low-cost transactional option for the merchants,” Singh said. “Newegg was among the first companies to see this opportunity and has continued to expand its Bitcoin acceptance to nearly all of its customers around the world.”
It would appear that this partnership also results in even larger margins for the e-retailer, CoinDesk reports. Newegg gets more out of every purchase through bitcoin from shoppers by avoiding the high fees associated with credit cards.
