After years of experimenting with cryptocurrencies, Pick n Pay will now allow customers to pay for groceries with crypto at 39 stores nationwide. It will roll out this payment methodology to all of its stores within the “coming months”, according to the company.
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“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 recent announcement paves the way for cryptocurrency as a mainstream method of payment,” the retailer said in the statement.
“Increasingly cryptocurrency is being used by those underserved by traditional banking systems, or by those wanting to pay and exchange money in a cheaper and convenient way. Many companies are responding to this by accepting bitcoin,” it added.
This will be done with a payment service technology that allows customers to buy groceries with cryptocurrency at till points with any bitcoin lightning-enabled app.
“The transaction is as easy and secure as swiping a debit or credit card. 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 70c, and takes 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 Pick n Pay group executive for IT, Chris Short.
The participating stores are:
- Langeberg Mall, Mossel Bay
- Sedgefield
- Stellenbosch Central and Stellenbosch Square
- Paarl Mall
- Willowbridge
- Local Big Bay
- Table Bay Mall
- Cavendish
- Kenilworth
- Kenilworth Campus
- Kenilworth Pam Golding
- Sea Point
- Waterfront
- Mall of Africa
- Mall of the North
- Mall of the South
- Menlyn Shopping Centre
- Nelspruit
- PnP on Nicol
- Liberty Midlands Mall
- The Pavilion
- Tshwane Mall
- Beacon Bay
- Uitenhage
- Bedfordview
- Centurion
- Fourways Mall
- PnP Qualisave Carlton Centre
- PnP Qualisave Diepsloot
- PnP Qualisave Midrand
- PnP Qualisave Rustenburg
- PnP Qualisave Commercial Road
- PnP Qualisave North Beach
- PnP Qualisave The Workshop
- PnP Qualisave Goodwood
- Hyper Bloemfontein
- Hyper Durban North
- Hyper Northgate
- Hyper Ottery
