Pick n Pay has expanded its Bitcoin payments trial to 39 stores across South Africa’s major cities, the retailer has announced. It plans to roll out to all its stores in the coming months.
“While for many years crypto was something for specialists on their computers, or used by early adopters trying it out, things are changing,” Pick n Pay stated.
According to the retail giant, the Financial Sector Conduct Authority’s recent declaration of cryptocurrency as a financial product paves the way for cryptocurrency as a mainstream payment method.
“Increasingly, cryptocurrency is being used by those under-served by traditional banking systems, or by those wanting to pay and exchange money in a cheaper and really convenient way,” it said.
Pick n Pay said its latest pilot tested Bitcoin payment service technology that lets customers buy groceries with cryptocurrency at till points with any Bitcoin Lightning-enabled app, such as BlueWallet or Muun.
“The transaction is as easy and secure as swiping a debit or credit card,” Pick n Pay said.
“Customers scan a QR code from the app and accept the Rand conversion rate on their smartphone at the time of the transaction.”
It said the service fee for each transaction is minimal, costing on average 70 cents, and takes less than 30 seconds.
Pick n Pay ran the pilot in ten Western Cape stores over the past five months with pre-selected testers.
This included Bitcoin Ekasi in Mossel Bay, which pays coaches from the non-profit organisation The Surfer Kids in Bitcoin while onboarding township vendors to accept the cryptocurrency as payment.
“As the local Pick n Pay store now accepts Bitcoin, the coaches and children can spend their earnings more widely and conveniently than before,” Pick n Pay said.
Source: My Broadband
