Pick n Pay has announced that it will now allow transactions via cryptocurrency following the completion of the first phase of a pilot that allows customers to purchase goods with crypto using their smartphones.
Customers will now be able to use bitcoin to purchase their groceries at till points.
The announcement comes just week after the Financial Sector Conduct Authority (FSCA) formally declared crypto assets as a financial product in South Africa.
The retailer said the payment method was tested in 10 stores over the past five months and, is now available in 39 stores across the country.
The company said it will now allow customer to pay using cryptocurrency on their smartphones using the trusted app. It is now testing it in more stores.
“While for many years crypto was something for specialists on their computers or used by early adopters trying it out, things are changing. The Financial Sector Conduct Authority’s (FSCA) recent announcement paves way for cryptocurrency as a mainstream method of payment,” the company said.
“Increasingly, cryptocurrency is being used by those under-served by traditional banking systems or by those wanting to pay and exchange money in a cheap and really convenient way,” said Pick n Pay.
“Many companies are responding to this by accepting Bitcoin.”
In its latest pilot, the retailer tested a payment service technology that enables customers to buy groceries with cryptocurrency at till points with any Bitcoin Lightning-enabled app- such as BlueWallet or Munn.
To transact, customers scan a QR code from the app and accept the rand conversion rate on their smartphone at the time of the transaction. The service fee for each transaction is minimal costing the customer, on average, 70 cents and taking less than 30 seconds.
“This new technology means we can provide an affordable service for high volume, low-value transactions that will promote financial inclusion in South Africa,” said Chris Shortt, the group executive for information and technology at the retailer.
“We are constantly innovating and testing new technology so that we can add real value and choice for the customers we serve. This exciting pilot shows huge potential and is another way we can help and support our customers.”
Source: Eyewitness News, IOL, Business Tech, Business Day, image from Twitter: @AnnieQttq