• Pick n Pay, a South African retailer, has launched acceptance of bitcoin for payments across all stores.
• Customers can use CryptoQR to purchase groceries, airtime and electricity, plane and bus tickets and pay municipal bills with Bitcoin at the till.
• The introduction of bitcoin to Pick n Pay’s stores could have a significant impact on the broader bitcoin payments landscape in South Africa.
Introduction
Pick n Pay, a South African retailer, has recently announced that it will now accept Bitcoin as payment in all of their stores throughout the country. Prior to this announcement, a test pilot was rolled out to 39 stores in November 2022.
What Does This Mean?
The acceptance of Bitcoin by larger retailers like Pick n Pay introduces new users of bitcoin to the concept of spending rather than selling it for usability. Furthermore, customers will be able to buy airtime and electricity, plane and bus tickets as well as pay municipal bills with Bitcoin at the till! Pick n Pay also charges a small service fee for payments made in BTC which is typically around 70c (or about $0.04 USD).
Impact On Broader Payments Landscape
The introduction of Bitcoin into Pick n Pay’s stores is likely to have a significant impact on the wider adoption of Bitcoin payments in South Africa. By allowing people to spend their BTC easily at major retailers such as PnP, more people may become familiar with using crypto-currencies as money rather than setting aside money for them specifically. This could inspire other major retailers to follow suit which could further increase the usage of cryptocurrencies as payment methods.
Size Of Chain
Pick n Pay has almost 2,000 stores throughout South Africa and holds around 16% market share within its food and grocery sector according to Business Insider South Africa.
Conclusion
In conclusion, accepting cryptocurrencies such as Bitcoin into mainstream retail outlets like Pick n Pay could be an important step forward in wider cryptocurrency adoption across society. Its widespread availability ensures that anyone who wants to use it can do so without difficulty or having to seek out specific outlets that support it – making it much simpler for everyday transactions!