Pick n Pay, one of South Africa’s largest supermarket chains, is set to allow customers to pay for items in all of its stores using Bitcoin.
According to South African news outlet Tech Central, Pick N Pay plans to roll out its cryptocurrency payment service to its stores nationwide in the coming months, following years of experimentation in select stores. The supermarket chain reportedly started experimenting with bitcoin payments five years ago in Cape Town, but was stymied by high costs and long wait times for transactions.
The nationwide rollout will allow store customers to pay for items using cryptocurrency through “trusted apps” on their smartphones, or by simply scanning a QR code and accepting the rand conversion rate at the time of payment.
According to the report, Chris Shortt, IT Group Director at Pick n Pay, said advances and evolution in cryptocurrency technology over the years have now “provided an affordable service for high-volume transactions.” high and low value that will promote financial inclusion in South Africa.”
Pick n Pay reportedly partnered with Electrum and CryptoConvert during its pilot program to allow customers to pay for items through the Bitcoin Lightning Network.
Related: South African Crypto Landscape Primed for TradFi Growth After FSCA Ruling
South Africa seems to be making progress when it comes to cryptocurrency adoption in the African region. In October, South Africa’s Financial Sector Conduct Authority (FSCA) amended its financial advisory to define crypto assets in the country as financial products, allowing cryptocurrencies to be offered by financial service providers. national and international South African approved.
Chainalysis’ 2022 Global Crypto Adoption Index, released in September, also ranked South Africa 30th in the world for cryptocurrency adoption. Various estimates support the idea that around 10-13% of the South African population are crypto holders.