Pick n Pay the South African grocery giant has declared that they will henceforth allow payments via Cryptocurrency. This is their first attempt to make purchases for shoppers easier with crypto from their mobile phones.
‘Pick n Pay’ Through Cryptocurrency Is Here To Stay
Payments through Bitcoins are still in their early days as it is being tested in various stores across the country.FSCA(Financial Sector Conduct Authority) has finally agreed after years of experimentation to introduce Cryptocurrency as a mainstream method of payment. This will help both the internal and external markets.
Pick and Pay has said Bitcoins are preferred by those who do not like traditional banking methods or by those who want to make their transactions in cheaper and easier way. Many companies are coming forward to accept Bitcoins now.
Recently Pick n Pay has introduced a payment service technology that allows consumers to buy goods with any of the Bitcoin Lightning-enabled Applications such as Blue Wallet or Muun. Buyers after scanning a QR Code from the application accept the rand conversion rate on their smartphones. The minimum cost is 70 cents and takes less than 30 seconds.
In 2017 Pick n Pay first tested Bitcoins at their Cape Town Headoffice canteen store. The concept worked but it was too expensive and lengthy to make it user-friendly. Since then Pick n Pay has been trying its level best to make it more compatible with its consumer’s needs.
Chris Shortt the group executive for information and technology at Pick n Pay has said that this new high-tech method would be able to provide a pocket-friendly service for all.
The Crypto Adoption Index in September 2022 said that South Africa is the 30th nation to accept this method of payment.