• Pick n Pay, a South African retailer, has launched acceptance of bitcoin for payments throughout all of its stores.
• Customers can use CryptoQR to buy their groceries using bitcoin, and also buy airtime and electricity, plane and bus tickets, and pay municipal bills at the till.
• The introduction of bitcoin to Pick n Pay’s stores is likely to have a significant impact on the broader bitcoin payments landscape in South Africa.
Acceptance of Bitcoin by Pick n Pay
Pick n Pay, a South African retailer, has launched acceptance of bitcoin for payments throughout all of their stores. This follows a test pilot that rolled out to 39 stores in November 2022. Customers will be able to use CryptoQR to buy their groceries using bitcoin as well as purchase airtime and electricity, plane and bus tickets, or pay municipal bills at the till.
Impact on Bitcoin Payments Landscape
The introduction of bitcoin to Pick n Pay’s stores is likely to have a significant impact on the broader bitcoin payments landscape in South Africa. It could bring the concept of spending bitcoin as opposed to selling it for usability to new users of bitcoin. Furthermore, it could inspire other major retailers to follow suit which would further increase the acceptance and usage of bitcoin as a payment method – paving way for wider adoption of this cryptocurrency.
Number of Stores Accepting Bitcoin
Pick n Pay has almost 2,000 stores across the country with 16% market share in South Africa’s formal food and grocery sector according Business Insider South Africa report. With such wide network allowing customers from different parts accept BTC payment will add more value in terms increasing its usage rate among customers .
Service Fee Charged
Pick n Pay will charge a small service fee for payments made through BTC costing around 70c (local currency) or $0.04 as per November 2022 rates for every transaction done at their store locations . This nominal fee structure along with convenience offered by BTC payment option may encourage more people try out this mode if payment making it more popular among masses .
This move by Pick ‘n’Pay definitely helps bridge gap between those who are aware about crypto currencies & those who are yet unfamiliar with digital currencies & its application while making purchases . It provides an ideal platform where one can learn how digital money can be used without much hassle or complexity that often associated with setting up digital wallets , learning trade related stuff etc .