Pick n Pay, one of South Africa's largest supermarket chains, is planning to accept Bitcoin payments in all of its stores.

The company is preparing to roll out its cryptocurrency payment system to its stores nationwide in the following months, according to South African-based tech news outlet Tech Central, after years of testing in select stores. 

The supermarket chain allegedly began experimenting with Bitcoin payments in Cape Town five years ago but was thwarted by high transaction costs and lengthy transaction wait times.

Customers will be able to pay for items using cryptocurrency via "trusted apps" on their smartphones or by simply scanning the QR code and acknowledging the rand conversion rate at the time of payment as part of the nationwide rollout.

According to the report, Chris Shortt, Pick n Pay's group executive for IT, stated that the advancement and evolution of cryptocurrency technology over the years has now enabled the company to provide a reasonably priced service for high volume, low-value transactions that will promote economic inclusion in South Africa.

During its pilot program, Pick n Pay allegedly collaborated with Electrum and CryptoConvert to allow customers to pay for items using the bitcoin lightning network.

South Africa seems to be making inroads into cryptocurrency adoption in the African region. South Africa's Financial Sector Conduct Authority (FSCA) amended its financial advisory in October to define digital currencies in the country as financial products, allowing cryptocurrencies to be offered by both domestic and foreign South African licensed financial services.

Chainalysis' 2022 Global Crypto Adoption Index, released in September, ranked South Africa 30th worldwide for cryptocurrency adaptation. Various estimates suggest that 10-13% of South Africans own cryptocurrency.

Do you see a future where most businesses accept Bitcoin as a form of payment? Drop your comments by sharing this article online.

Posted 
Nov 2, 2022
 in 
Crypto News
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