Advertisement

Cryptocurrency payment will accepted in grocery stores

Advertisement

One of South Africa’s largest grocery retailers Pick n Pay is expanding a pilot of adding cryptocurrency as a payment option to more stores after the successful completion of the first phase, it said on Tuesday.

The announcement came weeks after the Financial Sector Conduct Authority formally declared crypto assets as a financial product in South Africa, enabling them to be regulated and clearing the way for cryptocurrency to be a mainstream method of payment.

“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 really convenient way. Many companies are responding to this by accepting Bitcoin,” Pick n Pay said in a statement.

Read More :- Instagram down thousand of accounts suspended

The retailer ran the first phase of the pilot in 10 Western Cape province stores over the past five months with pre-selected testers. It has now extended it to a further 29 stores for testing with customers, with the intention to roll it out to all stores in the coming months, Pick n Pay said.

Pick n Pay has partnered with Electrum and CryptoConvert on its latest pilot. Electrum’s payment platform connects Cryptoconvert and Pick n Pay, letting customers pay with the Bitcoin Lightning technology at the till point, the company added.

“Crypto payments are still in their infancy in South Africa, but we are already seeing adoption in parts of our society that haven’t previously had access to traditional financial systems,” said Carel van Wyk, Founder of CryptoConvert, which allows merchants to accept crypto payments.

Advertisement
admin

Recent Posts

USA has announce work visa for Pakistan

USA announce H1-B work visa for Pakistanis. The US mission in Pakistan has announced the expansion of interview waiver…

15 mins ago

Aaqib Javed Said Their is No Comparison Between Shaheen and Mohammad Amir

Head Coach of Lahore Qalandar Aaqib Javed said in an interview that Shaheen Shah Afridi…

22 hours ago

Highest inflation rate in month of January in Pakistan

The year of 2023 is also start with highest inflation rate in Pakistan. The inflation…

23 hours ago

Peshawar mosque blast: Death toll jumps to 32, over 150 injured

PESHAWAR: According to security health officials cited by ARY News, a suicide bombing that occurred…

3 days ago

Apple Watch Saves 16 Year Old Skier

Apple Watch Saves 16 Year Old Skier from going into Coma by detecting low Blood…

4 days ago

Amazon Offers $5000 to its Employees to Quit

Amazon has a solution for employees who no longer want to work there — pay…

4 days ago
Advertisement

This website uses cookies.