Pick n Pay, one of the largest supermarket chains in South Africa, is going to allow its customers to pay for their items in all its stores using Bitcoin.
According to the South African outlet Tech Central, Pick N Pay plans to roll out its cryptocurrency payments service in its stores across the country in the coming months, after years of experimentation in select stores. The supermarket chain reportedly began experimenting with Bitcoin payments five years ago in Cape Town, but was hampered by high costs and long transaction wait times.
Rolling out across the country will allow store customers to pay for items with cryptocurrency through “trusted apps” on their smartphones, or simply by scanning a QR code and accepting the rand conversion rate at checkout .
According to the news, Chris Shortt, Pick n Pay Information Technology Group Executive, he shared that the advancement and evolution of cryptocurrency technology over the years has made it possible for it to now “provide an affordable service for high-volume, low-value transactions that will promote financial inclusion in South Africa.”
Pick n Pay reportedly partnered with Electrum and CryptoConvert during its pilot program to make it possible for customers to pay for items via the bitcoin lightning network.
South Africa appears to be making strides in adopting cryptocurrencies in the African region. In October, South Africa’s Financial Sector Conduct Authority (FSCA) amended its financial advice to define crypto assets in the country as financial products, making it possible for cryptocurrencies to be offered by licensed South African financial service providers, both domestic and international. .
Chainalysis’s Global Cryptocurrency Adoption Index 2022, published in September, it also ranked South Africa 30th in the world for cryptocurrency adoption. Various estimates support the idea that between 10 and 13% of the South African population is a cryptocurrency holder.
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