Home Blockchain South African Supermarket Chain Pick n Pay Starts Accepting Bitcoin Payments

South African Supermarket Chain Pick n Pay Starts Accepting Bitcoin Payments

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South African Supermarket Chain Pick n Pay Starts Accepting Bitcoin Payments

Source: blockchain.news

Pick n Pay, a major supermarket chain in South Africa, announced Tuesday that it now accepts Bitcoin as payment on its online store, according to a local media report.

Customers can now pay with Bitcoin (BTC) using any Lightning Network-enabled app, such as BlueWallet or Muun, to purchase groceries, hygiene products, household items, and many other products offered at the supermarket. Lightning Network is a layer 2 solution built on top of the Bitcoin blockchain. It speeds up transactions while also making them cheaper than the Bitcoin mainnet, making them more attractive to trading companies.

Pick n Pay said it has tested the payment method at 10 stores over the last five months and it is now available at 39 stores nationwide. The supermarket plans to roll out the payment method to the rest of its stores across the country in the coming months, according to the report.

In a statement, a Pick n Pay spokesperson described Bitcoin transactions as easy and secure, like swiping debit or credit cards, and much more affordable. “Customers scan a QR code from the app and accept the rand conversion rate on their smartphone at the time of transaction,” the representative said in the report.

South Africa remains one of the top regions with healthy cryptocurrency usage in Africa. There is a growing popularity of cryptocurrencies, especially Bitcoin, in the nation. This is due to increased exposure among individuals, as the country records more than six million people exposed to cryptocurrencies.

South Africa ranks eighth globally in terms of cryptocurrency ownership among the public: 7.1% of its population owned digital currency as of 2021, more than Britain or Brazil, according to the United Nations trade agency. United. Cryptocurrency ownership is also widespread in Kenya and Nigeria among African countries.

Many young people in South Africa are getting involved in the hope of making money, despite authorities and financial experts warning of the dangers of fraud, massive losses and mental anguish.

Last month, South Africa declared crypto assets a financial product as part of efforts to bring digital assets more under the control of local authorities and to make it easier for regulators to monitor the market and help protect consumers.

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