A Popular South African retail company started its rollout of Bitcoin-supported payment services in its all stores.
Pick n Pay Group is a retail store company in the fast-moving daily life consumer goods sector. This company operates multiple store formats under three brands – Pick n Pay, Boxer, and TM Supermarkets. Pick n Pay also operates one of the largest online grocery platforms in sub-Saharan Africa, as per information available on Wikipedia. At present, the company has 2,000 stores in the country and holds 16% of the Goods & grocery market share.
Recently Sunday Times reported that “Pick n Pay” started to roll out Bitcoin payment services as an alternative payment method for customers.
Initially, this company started this facility at 10 different locations based on services and now at 39 stores the company accepts Bitcoin payments. In the upcoming few months, the company may introduce Bitcoin payment services across all of its stores.
However customers can pay on-chain Bitcoin but besides this, they can opt any Bitcoin lightning-enabled wallets to pay in Bitcoin at very small fees.
Reportedly Pick n Pay company stated that Bitcoin enabled payment system is more likely to Card payments, where users are required to scan barcodes to pay money. For this payment support, the company will charge approximately $0.04 per customer as a Bitcoin payment service charge.
These types of initiatives are showing that Bitcoin-like digital assets can be used as real currency under a perfectly designed Digital wallet. No doubt that Bitcoin & other crypto assets are volatile but still the backed technology “blockchain” is more reliable than the traditional banking payment system.
Initially, El Salvador, a Latin American country, introduced its Bitcoin lightning network-enabled digital wallet Chivo in September 2021, to allow citizens to pay via the Bitcoin network. However, Bitcoin is a legal tender in El Salvador but still use of Bitcoin as a payment option is the same in all countries, thanks to the collaboration of traditional companies & crypto payment services providers.