JOHANNESBURG, South Africa – Retail giant Pick n Pay has made a bold move towards the future of money by becoming one of the first grocery chains in South Africa to accept Bitcoin as a form of payment in all of its 1,628 stores. Following a successful three-month pilot testing phase in 39 locations, store customers will be able to pay for items using cryptocurrency via smartphone apps or by scanning a QR code and accepting the South African rand’s conversion rate at the time of payment.
Bitcoin in South Africa: A Growing Trend
South Africa has emerged as a leader in the adoption of cryptocurrencies, with an estimated 10% to 13% of the population holding crypto assets. The country ranks 30th globally in terms of cryptocurrency adoption according to Chainalysis’ 2022 Global Crypto Adoption Index.
The Financial Sector Conduct Authority (FSCA) recently amended its financial advisory legislation in October to classify crypto assets as financial products, bringing cryptocurrencies under regulation for the first time in South Africa and allowing financial service providers to offer crypto-assets both domestically and internationally. This move paved the way for Pick n Pay to roll out its crypto payment system nationwide.
Pick N Pay Partners With Electrum and Cryptoconvert
To enable customers to pay via the Bitcoin Lightning Network, Pick n Pay partnered with Electrum and CryptoConvert during its pilot program. The Bitcoin Lightning Network is a second layer added to Bitcoin’s blockchain that allows off-chain transactions, making the payment process much faster and more efficient.
To pay with Bitcoin, customers will need a Bitcoin Lightning Wallet and the CryptoQR scanner app from CryptoConvert, which is linked to the Bitcoin Lightning Wallet. The payment process requires users to scan an item’s QR code through the CryptoQR app and then proceed to the Lightning Wallet to confirm the rate and complete the transaction.
Twitter Users Share Their Experience
Twitter users have shared their experience with using Bitcoin to pay for everyday items at Pick n Pay stores. Many have praised the convenience and speed of the payment process, making it easier to use cryptocurrency for everyday purchases.
A Bold Move Into the Future
Pick n Pay has been experimenting with cryptocurrencies since 2017, when the company began accepting Bitcoin as a form of payment in Cape Town. However, transaction costs and wait times hindered the process in the past. With the recent developments in the crypto industry and regulatory environment, the retail giant is now fully embracing the future of money.