Pricerite opens its third retail concept store accepting crypto in Hong Kong

According to the Bitcoin Association of Hong Kong, department store Pricerite has started to accept payments in cryptocurrencies, claiming to be the first retail store in the region to do so.

The news was announced on Hong Kong Bitcoin Association’s Twitter account.

The retail company has 3 stores, the latest one, the New Retail concept store, has just opened at MegaBox in Kowloon Bay in Hong Kong. All Pricerite stores are now accepting Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) for payment.

Crypto payments will be converted into HKD in real time at the store’s cash registers. According to Chinese sources, customers with cryptocurrency wallets supporting the Lightning Network will be able to complete Bitcoin transactions in seconds.

CEO James Leung stated that the decision to open a new store with a cryptocurrency payment option was due to “the immense success brought by the opening of Pricerite’s first-of-its-kind New Retail concept store last year.”

They adopted a wide range of state-of-the-art retail technologies, including cryptocurrency, to provide customers with an all-rounded shopping experience and continue with the commitment to the integration of advanced technologies.

One of the technologies in the company’s stores is a Virtual Store which simulates the actual environment of the Pricerite at MegaBox store. Customers can browse the aisles and click on a product on the shelf to read its details and price before adding it to their online cart. Other tech highlights include giving product information and a 3D mobile app allowing to preview furniture in the buyer’s own apartment to see whether it will fit.

The recent protests didn’t impede the growing popularity of digital currency in Hong Kong, the underlying trend is one of increased crypto adoption. There is an explanation of this favored by some experts: Political unrests resulting in economic uncertainty drive investors into alternative assets like that of cryptocurrency. Whatever the case, the political situation in Hong Kong had a minimal impact on Bitcoin prices.

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