In context: AMC's business model was hit hard by the pandemic. The company was forced to temporarily close many of its theaters for an extended period, losing a significant portion of its revenue. However, AMC has managed to bounce back now and has been making several small but notable changes to its business model -- including a push to begin accepting cryptocurrencies as a form of payment.
The rollout has been slow and measured: initially, AMC only allowed users to buy gift cards using Dogecoin (through the Bitpay app), but now, it accepts other coins and for more than just gift cards. Using the AMC mobile app, you can purchase actual movie tickets and snacks using a variety of popular cryptocurrencies: Dogecoin, Shiba Inu, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and others.
This is big news for those that want to use their cryptocurrencies as actual currencies rather than long-term investments. If crypto is to become truly mainstream -- to the point that it can be used to purchase virtually anything with relative ease -- then steps like the ones AMC has been taking will become all the more critical.
Exactly as promised, the AMC mobile app for AMC's U.S. theatres now accepts online payments using Doge Coin, Shiba Inu, and other crypto currencies — thanks to Bitpay. Also Apple Pay, Google Pay and Paypal. To do so, you first will need to update to the latest version of our app. pic.twitter.com/MMy7SIxYbl— Adam Aron (@CEOAdam) April 15, 2022
AMC CEO Adam Aron announced his company's progress in this area on Twitter today while also reminding customers that they'll need to update their AMC app to take advantage of the new payment options. Presumably, you'll either have to link a crypto wallet or use a service like PayPal to facilitate the transaction -- if you test this out for yourself, feel free to let us know how it works in the comments.
Aron has previously said that these new payment methods account for 14 percent of AMC's total online transactions, though his wording at the time was a bit vague and may have included Apple Pay, Google Pay, and PayPal.