Maksym Yemelyanov/Depositphotos.com
Bealls has partnered with digital payments firm Flexa to become the first national retailer to accept crypto payments in its stores.
Flexa’s platform will enable Bealls’ more than 660 stores to accept over 99 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins such as USDC, from more than 300 different wallets. Flexa converts digital assets into U.S. dollars instantly, removing price volatility risks for the retailer.
Bealls’ release pointed to research from Security.org that found 28% of American adults, or about 65 million people, own cryptocurrencies, nearly doubling over the last three years. Coinciding with its 110th anniversary, Bealls said the acceptance of digital payments shows its commitment to innovation.
“Digital currency will reshape how the world transacts, and Bealls is proud to be at the forefront of that transformation,” said Matt Beall, chairman and CEO, Bealls. “Our partnership with Flexa is about more than payments; it’s about preparing for the future of commerce and continuing to innovate for the next 110 years.”
EMarketer earlier this year predicted cryptocurrency payment adoption in the U.S. would surge 82.1% in two years, driven by crypto-friendly regulatory changes and payment provider expansion. However, just 2.6% of the population use crypto for payments, with hurdles including low merchant acceptance and consumer distrust.
Bealls Crypto Adoption Seen as Retail Milestone for Advocates
To crypto followers, the Bealls deal is seen as a key milestone in helping prove large-scale crypto payment systems can operate seamlessly in high-volume, real-world retail environments. Only a few retailers and restaurants, including Sheetz, Chipotle, and Camping World, accept digital currencies for in-store payments.
The promised benefits of crypto payments include faster checkouts with near-instant transaction processing, real-time settlement, and lower transaction costs -- since crypto transactions usually incur fewer fees than credit card payments.
However, as noted by Financefeeds.com, an online publication focused on fintech, “Many shoppers remain unfamiliar with using digital wallets in retail settings, and differences in refund, dispute, and chargeback processes compared to traditional card payments could present challenges.”
Any push toward digital payments would require greater cryptocurrency adoption.
The research from Security.org further found 14% of people without crypto plan to buy it in 2025, and 67% of current owners plan to buy more this year. Of U.S. adults familiar with crypto, 46% believe that Donald Trump’s second presidential term will boost mainstream cryptocurrency adoption.
On the negative side, 40% of people who own cryptocurrency still aren’t confident that the technology is safe and secure. Also, 38% of non-owners said they will never purchase cryptocurrencies. The top concerns were found to be:
- Volatile markets, unstable token values, and currency exchange rates.
- Computer glitches and lost access to tokens.
- Digital scams, online hoaxes, rug pulls, and cyberattacks.
- Lack of government oversight and consumer protections.