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Pick n Pay, a South African grocery chain, plans to accept Bitcoin

Pick_n_Pay crypt payment

Pick n Pay, a South African grocery chain, plans to accept Bitcoin in all of its stores nationwide, adding that users will be able to pay using any bitcoin lightning-enabled app and QR codes, according to the company.

Pick N Pay is planning to roll out its cryptocurrency payments service to its stores nationwide in the coming months, according to South African-based tech news outlet Tech Central.

The supermarket chain allegedly began experimenting with Bitcoin payments in Cape Town five years ago but was stymied by high transaction costs and long transaction wait times.

Customers will be able to pay for items at the store using cryptocurrency via “trusted apps” on their smartphones, or by simply scanning a QR code and accepting the rand conversion rate at the time of payment, as part of the nationwide rollout.

According to the report, Chris Shortt, Pick n Pay’s group executive for IT, stated that the advancement and evolution of crypto technology over the years has allowed the company to now “provide an affordable service for high volume, low-value transactions that will promote financial inclusion in South Africa.”

During its pilot program, Pick n Pay reportedly collaborated with Electrum and CryptoConvert to allow customers to pay for items using the bitcoin lightning network.

South Africa appears to be making progress in the African region in terms of cryptocurrency adoption.

South Africa’s Financial Sector Conduct Authority (FSCA) amended its financial advisory in October to define crypto assets as financial products in the country, allowing cryptos to be offered by both domestic and international South African licensed financial service providers.

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Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.