South African Retail Company Accepts Payments In Bitcoin

Leading grocery store in South Africa, Pick n Pay has announced that its customers across some of its stores can now make payments in Bitcoin.

The company which announced this earlier this week said that plans are underway to allow for such payments across all 2,000 of its stores.

This development allows the retailer to charge a small service fee of around 70c in the local currency or $0.04.

“The transaction is as easy and secure as swiping a debit or credit card,

“Customers scan a QR code from the app and accept the Rand conversion rate on their smartphone at the time of the transaction.” Pick n Pay said.

Currently, 39 Pick n Pay stores will be allowed for such payments through the use of the Bitcoin Lightning Network to allow for affordability.

This decision by Pick and Pay comes weeks after South Africa’s Financial Sector Conduct Authority (FSCA) declared Bitcoin and cryptocurrencies as financial products.

According to Pick n Pay, “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 convenient way,”

The company further added that the newly introduced payment feature will allow for the provision of affordable service for high-volume, low-value transactions which will promote financial inclusion in the country.

It also said that it began testing this payment feature in Cape Town five years ago but was put on hold due to high expenses.

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