Pick n Pay said the cryptocurrency payment was tested at ten stores for five months, and is now available in 39 stores across the country.
Retail giant Pick n Pay is adding cryptocurrency as a payment option for consumers at its stores.
Customers will now be able to use Bitcoin to buy groceries.
This follows the successful completion of the first phase of a new pilot that allows customers to pay using cryptocurrency on their smartphones using a trusted app.
The retailer said the new payment method was tested at about ten stores for the past five months and is now available in 39 stores across the country.
The announcement by the retailer comes after the Financial Sector Conduct Authority’s (FSCA) recent declared cryptocurrency as a mainstream method of payment.
In its latest pilot, the retailer tested a payment service technology that enables customers to buy groceries with cryptocurrency at till points with any Bitcoin Lightning-enabled app – such as BlueWallet or Muun.
Pick n Pay said the transaction is as easy and secure as swiping a debit or credit card.
“Customers scan a QR code from the app and accept the Rand conversion rate on their smartphone at the time of the transaction. The service fee for each transaction is minimal, costing the customer on average 70 cents, and takes less than 30 seconds.”
Chris Shortt, Group Executive – Information and Technology (CITO) at Pick n Pay said the retailer is constantly innovating and testing new technology.
“This new technology means we can provide an affordable service for high volume, low-value transactions that will promote financial inclusion in South Africa.”
The digital currency ecosystem is maturing, and cryptocurrencies have evolved over the last five years with the number of retailers accepting it globally as a payment method has grown.
A recent report by Deloitte (a company providing audit and assurance, consulting, financial advisory, risk advisory, tax and related services) reveals that nearly 75% of retailers plan to accept cryptocurrency payments within the next two years.