Young Pharmaceuticals accepts cryptocurrency for flexible skin care service payments

Young Pharmaceuticals has announced it accepts cryptocurrency payments, such as Bitcoin and Ethereum, for its products and technology, to offer physicians flexibility and security in their transactions.

The decision works to help dermatologists and physicians who sell Young Pharmaceutical products by offering more “straightforward, streamlined” transactions. Young believes adding the new payment method aligns with its ethos of providing “innovative solutions and hassle free interactions.” Cryptocurrency also allows for expanded international operations, as it can be used anywhere in the world, says the company.

John Kulesza, CEO and chief formulating officer at Young Pharmaceuticals, says: “As the aesthetic industry continues to evolve, we recognize the need to provide our partners with more convenient, efficient, and secure payment methods. Accepting cryptocurrency empowers our customers with greater financial autonomy while maintaining the high level of service they expect from Young.”

The skin care company says integrating cryptocurrency payments is responding to the growing consumer demand for smooth digital transactions.

Faster payments, higher risk

Cryptocurrencies are an alternative way of storing money. Users can send and receive the currency directly without an intermediary like a bank. In the personal care industry, it is now common for brands to accept cryptocurrencies as payment, with brands like Lush, Glamnetic, and The Fragrance Shop accepting Bitcoin, Dogecoin, and Bitpay.

For online shopping, cryptocurrency payments offer customers quicker purchasing, as it does not go through a bank. However, some banks and researchers have cautioned that cryptocurrency payments can also lead to irresponsible spending, and the lack of regulation creates significant risks like financial instability, market manipulation, and financial crime. 

With ambitions to make the US a crypto capital, president Donald Trump wants to create a crypto reserve, which would enable the nation to buy and sell cryptocurrency.