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Friday, June 9, 2023

South African Retailer Pick n Pay Now Accepting Payments via BTC at All Its Stores

South African Retailer Pick n Pay Now Accepting Payments via BTC at All Its Stores – Pick n Pay, a South African retailer, now accepts bitcoin as a payment method at over 1,500 stores nationwide, only a few months after initially accepting it at selected locations. Customers can use the bitcoin lightning network to purchase groceries, airtime, and electricity.This development comes after the Financial Sector Conduct Authority (FSCA) classified cryptocurrency as a financial product, which paved the way for wider adoption. 

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Previously, Pick n Pay had tested the use of bitcoin as a means of payment in one of its staff canteens in 2017, but deemed it not cost-effective at the time. However, with the recent regulatory changes, the company has seen the potential benefits and now allows its customers to pay with bitcoin. Reacting to the announcement, Crypto QR, a South Africa-based crypto payments firm, saluted PNP’s move which allows residents to use bitcoin for everyday purchases.

“Good news, everyone! Crypto QR is now active at all Pick-n-Pay stores across South Africa, including PnP express and clothing shops! You can also buy airtime and electricity, plane and bus tickets, and pay your municipal bills with Bitcoin,” Crypto QR said in a tweet. Meanwhile, some Twitter users have lauded PNP for taking a step that helps those seeking to promote the use and adoption of bitcoin as an alternative payment method. One user Kelly Yanes said this is the first time she has “seen legitimate uses of bitcoin in person at a public space and store.” Whereas, few other users were quick to highlight the disadvantages of using the crypto asset for everyday purchases.


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