Lord & Taylor department stores now accept Bitcoin payments through ‘Pounce’— a mobile shopping application made by an Israeli startup.
With the help of Pounce, Bitcoin users can make purchases by using their phones to scan images in print advertisements. The software, which has had a partnership for print-ad shopping with Hudson’s Bay Co. (HBC), Lord & Taylor’s parent company since January, now works with Coinbase Inc.’s digital Bitcoin wallet.
Bitcoin to Be as Good as Cash
Companies like Coinbase and Revel Systems Inc. are seeking to connect Bitcoin with real-world commerce to help establish the virtual currency as a viable way to pay for goods.
Getting a way to shop at Lord & Taylor with Bitcoins “has the potential to bring more legitimacy to the currency,” said Ugo Egbunike, director of business development at ETF.com, an analysis firm for exchange-traded funds. “This definitely helps boost the Bitcoin economy,” he said.
Bitcoin is a virtual currency created in 2009 by an anonymous person using the alias Satoshi Nakamoto. More merchants are now accepting it as payment for products or services.