This Is The First Retail Store In Mexico To Accept Bitcoin

With Bitcoin and the rest of the crypto turning green since yesterday, the market is experiencing a sudden positive outlook towards the industry. Earlier today, the Mexican retail giant, Elektra’s owner, Ricardo Salinas Pliego announced that they will now be accepting Bitcoin as a payment method. Ricardo took to Twitter to make the announcement while also declaring that Elektra is the first ever retail store in Mexico to start Bitcoin 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

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

The company took another step ahead to enable Bitcoin payments, by offering an additional 20 percent discount to its customers who use crypto to make a purchase.

Elektra’s Bitcoin payment process

This initiative is in collaboration with the ultimate crypto payment gateway, Bitpay, which the customers will use in order to process their BTC transactions. Although, taking the volatile nature of Bitcoin into account, the retail chain asserted that any return or cancellation request upon making the payment via Bitcoin, will lead to refund paid back in Mexican pesos, of the same amount that was paid at the time of transaction, regardless the value of the token at that time.

At last, Elektra’s website also reinstated the risks associated with crypto, noting that the use and security of the customers’ e-wallet will be the sole responsibility of the user itself, and the company is not to be held accountable if it all goes south.

“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”

Ricardo backs Bitcoin

Elektra’s initiative is not Ricardo’s first pro-Bitcoin step. Earlier this year, in the month of June, Ricardo Salinas also revealed that his bank, Banco Azteca will be the first to accept Bitcoin in Mexico. Ricardo, who himself holds a considerable amount of Bitcoin, claimed that BTC posses global value and must be part of everyone’s financial portfolio.

“It is an asset that has international value, that is traded with an enormous liquidity on a global level, and that is enough reason to be part of every portfolio, period,” he said.