Elektra becomes first retail store in Mexico to start Bitcoin payment

With Bitcoin and the rest of the crypto market going green since yesterday, the market is suddenly optimistic about its future. Ricardo Salinas Pliego, the owner of the Mexican retail giant Elektra, revealed earlier today that Bitcoin would soon be accepted as a payment method. On Twitter, Ricardo claimed that the company is the first retail store in Mexico to take the revolutionary step of accepting BTC payments.

Los rumores son ciertos 😎, @ElektraMx es la 1er tienda (de retail) en México 🇲🇽 que permite comprar con #Bitcoin.

Siento mucho volver a ganarle a la competencia 😂😜😎. https://t.co/1Lm9cbfGeL

— Don Ricardo Salinas Pliego (@RicardoBSalinas) December 16, 2021

Additionally, the company went a step further in enabling Bitcoin payments by offering a 20% discount to clients who use the crypto for the transaction. American electric automaker Tesla Inc has also hinted to reconsider BTC payments in the near future.

Mexico has been really positive about blockchain technology and recently launched a platform for COVID test reports integrating Blockchain.

Elektra joins hands with Bitpay for Bitcoin payments

To fulfill its goal, Elektra has joined hands with the crypto payment gateway Bitpay for providing users with the platform to process their Bitcoin transactions. The retail chain, however, has decided to use Mexican pesos for refund in case of any order cancellation or return, citing the volatile nature of the king coin. The amount will be the same as that was paid at the time of purchase, regardless of the token’s value at that time.

Previously, Bitpay allowed merchants to accept Ethereum, and it would be interesting to see if Ethereum makes it to Mexico or not.

The official website of Elektra also stressed the risks associated with crypto, noting that users will solely be responsible for the use and security of their e-wallets, and the company is not to be held accountable if anything unfavorable happens.

“The user accepts and recognizes that the access, use, and security of his wallet is the sole responsibility of the user and at no time is Elektra, nor will be responsible for the access, use, and security of the user’s wallet.”