South Africa Retailer Pick n Pay Now Accepts Payment in Bitcoin at 39 Outlets – South African retailer Pick n Pay has announced that some of its grocery stores now accept bitcoin payments. Pick n Pay apparently leverages the Bitcoin Lightning Network, which is designed for “high volume, low-value transactions,” to ensure that payments are reasonable. The South African grocery retail giant, Pick n Pay stated on November 1, 2022, that around 39 of its stores now accept bitcoin (BTC) payments.
Additionally, the retailer stated that it will enable cryptocurrency payments in all of its stores in the coming months. According to a report by Business Insider, Pick n Pay’s plan to expand bitcoin payments to 39 stores follows the success of a four-month-long pilot program. Prior to that, Pick n Pay tried bitcoin payments at a staff canteen, and although the technology was pricey at the time (2017), it functioned as a proof of concept, according to the report.
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Pick & Pay explained in a statement why it decided to offer bitcoin as a payment option in some of its stores: “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 store also stated that unbanked individuals or those wanting to pay and trade money more cheaply and conveniently are now using cryptocurrencies. According to Pick n Pay, a number of businesses are permitting their customers to pay using bitcoin.
Pick n Pay apparently decided to utilize the Bitcoin Lightning Network (LN) so that crypto payments would be inexpensive. Using the LN – a layer two (L2) system on top of the Bitcoin network — makes high-volume, low-value transactions viable, the retailer reportedly stated.
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