Exciting news for all the savvy shoppers out there! Pick n Pay, one of South Africa’s leading grocery retailers, has made a bold move by accepting Bitcoin payments through the Lightning Network.
This exciting development comes after a successful three-month trial period, making it easier than ever to use your digital currency in your daily shopping.
Pick n Pay, South Africa’s leading grocery retailer, has exciting news for its customers! They’re now accepting Bitcoin as a form of payment in their 1,628 stores nationwide. The transition comes after a successful three-month pilot testing phase in 39 of their locations.
Shopping at Pick n Pay got much more accessible for those who hold Bitcoin. Customers can now pay for their purchases using cryptocurrency through smartphone apps or by scanning a QR code and accepting the conversion rate from South African Rand at the time of payment.
To make a purchase using Bitcoin, customers will need to have a Bitcoin Lightning Wallet and the CryptoQR Scanner app from CryptoConvert, which is linked to the Lightning Wallet.
The payment process is straightforward – simply scan the item’s QR code through the CryptoQR app, confirm the rate in the Lightning Wallet, and complete the transaction.
Twitter buzzed with excitement as people shared their experiences using Bitcoin to make purchases at Pick n Pay stores.
Recently, the Financial Sector Conduct Authority (FSCA) in South Africa made a significant change to their financial advisory legislation. This change has classified cryptocurrencies as financial products for the first time in the country.
This move has opened the doors for financial service providers to offer crypto-assets both domestically and internationally while also ensuring that they are subject to regulation.
The retail company announced their intention to implement cryptocurrency payments in all of their stores from November. This came after successful trials in a number of select locations.
Back in 2017, the company took a bold step and started accepting Bitcoin as a payment option in Cape Town. Due to high transaction fees and long waiting times, it was unsuccessful.
In an innovative pilot program, the company joined forces with Electrum and CryptoConvert to bring its customers a new way of paying – with Bitcoin Lightning Network.This exciting development is a second-layer solution added to the well-known Bitcoin blockchain, enabling lightning-fast, off-chain transactions.
South Africa is leading the way in Africa when it comes to cryptocurrency adoption. According to Chainalysis’ 2022 Global Crypto Adoption Index, the country stands at a strong 30th place globally.
It’s estimated that a substantial portion of the South African population, ranging from 10-13%, now holds some form of crypto assets. This trend shows that the nation is open to exploring new and innovative financial solutions.
Also Read: Tesla Reports $140 Million Loss From Bitcoin In Sec Filing
