South African retailer Pick n Pay Now will Accepts Payment in Bitcoin
South African retailer Pick n Pay?Now will Accepts Payment in Bitcoin?in around 39 of its locations.
Recently, the major South African grocery retailer Pick n Pay revealed that roughly 39 of its locations now accept bitcoin (BTC) payments. The retailer added that it would make cryptocurrency payments available in all of its locations in the coming months after years of experimentation in select stores.
By scanning a QR code and agreeing to the rand conversion rate at the time of payment or using trusted apps on their smartphones, customers will be able to pay for items with cryptocurrency using trusted apps on their smartphones.
The South African retailer Pick n Pay has disclosed that some of its food stores are currently taking bitcoin payments. According to reports, Pick n Pay uses the Bitcoin Lightning Network to make sure that cryptocurrency payments would be inexpensive (LN). According to the merchant, adopting the LN, a layer two (L2) technology on top of the Bitcoin network, is suited for low-value, high-volume transactions in order to make sure that payments are affordable.
Pick n Pay decided to add 39 additional locations to accept bitcoin payments after a pilot program that started more than four months earlier was successful, according to a Business Insider story.
Prior to that, Pick n Pay tried bitcoin payments at a staff canteen, adding that even if the technology appeared pricey at the time (2017), it still acted as a proof of concept. The company also mentioned that people who do not have bank accounts or who wish to pay and exchange money in a more cost-effective and simple manner are now using cryptocurrencies. Pick n Purchase claims that several businesses allow customers to pay with bitcoin in a similar way.
It was amended in October by the South African Financial Sector Conduct Authority (FSCA) to define cryptocurrencies as financial products. This allowed South African licensed financial service providers to offer cryptocurrencies domestically and internationally.
South Africa was placed 30th globally in the 2022 Global Crypto Adoption Index by Chainalysis, which was released in September. Bitcoin payments were allegedly tested five years ago by the supermarket chain in Cape Town, but cost and transaction wait times stymied the venture. Pick n Pay joined with Electrum and CryptoConvert during its test program. This step was taken to enable clients to make purchases using the Bitcoin lightning network.
CBW - External Analyst