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South African Supermarket Chain ‘Pick n Pay’ Will Allow Users To Pay With Bitcoin

Pick n Pay, one of South Africa’s leading grocery chains, plans to allow consumers to pay using Bitcoin at all of its stores.

Pick n Pay intends to roll out its cryptocurrency payments service to its stores nationally in the next months, according to South African-based digital news site Tech Central, following years of experimenting in select locations.

Customers can pay for things at the shop using cryptocurrencies via trusted apps on their cellphones or by simply scanning a QR code and accepting the rand conversion rate at the moment of payment.

According to the report, Chris Shortt, Pick n Pay’s group executive for IT, stated that the advancement and evolution of cryptocurrency technology over the years has enabled the company to now provide an affordable service for high volume, low-value transactions that will promote financial inclusion in South Africa.

During its test program, Pick n Pay allegedly collaborated with Electrum and CryptoConvert to allow clients to pay for things using the Bitcoin lightning network.

The supermarket chain purportedly began testing with Bitcoin payments in Cape Town five years ago but was hindered by high transaction charges and long wait times.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.