Grocery retailer Pick n Pay is extending its Bitcoin coverage to all locations in the nation after a three-month trial testing period.
The South African grocery retailer Pick n Pay is extending its Bitcoin coverage to all 1,628 outlets throughout the nation after a three-month trial testing period in 39 locations.
As part of its statewide launch, retail customers will be able to pay for things using cryptocurrencies through smartphone applications or by scanning a QR code and accepting the South African rand’s conversion rate at the moment of purchase.
To pay with BTC, clients will require a Bitcoin Lightning Wallet and the CryptoQR scanner software from CryptoConvert, which is connected to the Bitcoin Lightning Wallet. The payment procedure involves consumers scanning an item’s QR code using the CryptoQR app and then going to the Lightning Wallet to confirm the rate and execute the transaction.
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Twitter users reported their experience with using Bitcoin to pay for ordinary things at Pick & Pay stores:
💥My first #Bitcoin ⚡️payment at @PicknPay for a life essentially 🧻 @CryptoConverted @ctw_podcast pic.twitter.com/tWSnGIH4Yd
— DrLuke ₿ (@DrLuke_B) February 1, 2023
The decision was made after the country’s financial watchdog, the Financial Sector Conduct Authority (FSCA), changed its financial advice law in October 2022 to designate cryptocurrency assets as financial goods. This brought cryptocurrencies under regulation in South Africa for the first time and allowed financial service providers to market cryptocurrency both domestically and abroad.
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The retail giant unveiled intentions to bring out crypto payments nationally in November 2022, following years of the trial of the technology in selected outlets.
In 2017, the firm tried out taking Bitcoin as payment in Cape Town, but the high transaction fees and long processing times quickly put a damper on the trial.
During its trial program, Pick n Pay worked with Electrum and CryptoConvert to enable users to pay over the Bitcoin Lightning Network, a second layer added to Bitcoin’s blockchain that facilitates off-chain transactions
Among the African countries, South Africa looks to be making substantial headway in embracing cryptocurrencies.
South Africa ranks 30th internationally in terms of bitcoin adoption according to Chainalysis’ 2022 Global Crypto Adoption Index. It has been predicted that roughly 10% to 13% of the South African population has crypto assets.
