South African grocery retailer Pick n Pay has started to permit Bitcoin in all of its 1,628 stores. It is believed that the decision was taken after completion of a three-month pilot testing period in 39 locations, as reported by Cointelegraph.
According to Cointelegraph, store customers will be able to make cryptocurrency-based payments using smartphone applications or by scanning a QR code, through permitting the South African rand’s conversion rate. Reportedly, customers will need to use a Bitcoin Lightning Wallet and the CryptoQR scanner application from CryptoConvert, related to the Bitcoin Lightning Wallet.
On the basis of information by Cointelegraph, the move happened after the country’s financial regulator, the Financial Sector Conduct Authority (FSCA), modified its financial advisory legislation in October, 2022, to term crypto assets as financial instruments. It is believed that the retail chain unveiled plans for introduction of global crypto payments in November, 2022. Sources suggest that the preliminary cryptocurrency experiment happened in 2017, when the company permitted Bitcoin-based payments in Cape Town.
Moreover, Cointelegraph noted that during its pilot program, Pick n Pay collaborated with Electrum and CryptoConvert to permit customers’ payments using Bitcoin Lightning Network. Experts believe that South Africa has grown in terms of cryptocurrency adoption. Estimates have shown that 10% to 13% of the South African population has hold of crypto assets.
(With insights from Cointelegraph)