Lord & Taylor adds bitcoin mobile payment option

Lord & Taylor has added a bitcoin option for mobile shoppers paying with mobile app, Pounce. The app lets shoppers snap photos of images in print advertisements on their smartphone and make a mobile payment. One option is to use the virtual currency. The Hudson's Bay Co.-owned department store teamed up in January with Pounce, an Israeli start up.

Bitcoin payments are accepted through Pounce's partnership with digital wallet Coinbase. Overstock.com also offers the service to online shoppers, making it possible to pay with bitcoin on the site.

The Pounce app is also compatible with retailers such as Macy's, Best Buy and Toys R Us, though none of these stores are in partnership with the app, according to a spokesperson.

Bitcoin may be down but it's not out as retailers continue to explore adding the virtual currency as a payment option, in spite of a string of bad news. Bitcoin exchange Mt. Gox was abruptly closed, disappearing with roughly $474 million in bitcoin. A U.S. district court froze the U.S. assets of Mt. Gox's CEO, Mark Karpeles along with two associated companies as investigators demand documents and look for clues into the missing currency.

The future of bitcoin is certainly in question, but scam or no, it's clear that new payment options are being considered by retailers looking for more secure digital currency, including Amazon's coins.

For more:
-See this Bloomberg story

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