Pick n Pay Will Accept Bitcoin In Over 1600 Stores

Pick n Pay
Pick n Pay

Pick n Pay, a supermarket chain in South Africa, has begun accepting Bitcoin at each of its 1,628 locations. Cointelegraph said that the decision was made following a three-month trial testing period in 39 sites.

Cointelegraph reports that by using the South African rand as a conversion rate, Pick n Pay’s clients would be able to pay with bitcoin through smartphone apps or by scanning a QR code. It has been reported that clients would need both a Bitcoin Lightning Wallet and the CryptoQR scanner application from CryptoConvert.

Pick n Pay Will Now Accept Bitcoin

According to Cointelegraph’s reporting, the change occurred when the Financial Sector Conduct Authority (FSCA), the country’s financial regulator, updated its financial advice regulations in October 2022 to classify cryptocurrencies as financial instruments. The retailer is said to have announced their intention to accept worldwide crypto payments beginning in November of 2022. According to some reports, the corporation first dabbled with cryptocurrencies in 2017 when it started accepting Bitcoin payments in Cape Town.

Pick n Pay, according to Cointelegraph, worked with Electrum and CryptoConvert on its trial program so that clients could make Bitcoin Lightning Network payments. The adoption of cryptocurrencies in South Africa, according to experts, has increased. Ten percent to thirteen percent of South Africans, according to estimates.

Customers may use their Bitcoin Lightning Wallet to make purchases, and the CryptoQR scanner software from CryptoConvert is all they need to convert their QR codes into Bitcoins. In order to make a purchase, customers must first scan the product’s QR code using the CryptoQR app, and then go to the Lightning Wallet to verify the price and execute the transaction.