S.Africa’s Pick n Pay to Accept BTC and Lightning Payments

S.Africas-Pick-n-Pay-to-Accept-BTC-and-Lightning-Payments
  • Pick n Pay, will accept Bitcoin and Lightning payments in ALL its stores.
  • Pick n Pay claims that the collaboration has been planned for a period of time.
  • This has paved the path for cryptocurrencies to become a widely used payment mechanism.

The shop Pick n Pay has announced the expansion of its Bitcoin and Lightning payments. Currently, it has experimented with 39 locations in South Africa’s main cities. In the upcoming months, it intends to roll out to all of its locations.

The declaration of cryptocurrency assets as a financial instrument in South Africa by the Financial Sector Conduct Authority happened a few weeks prior to the announcement. This made it possible for them to be regulated. Further, it paved the path for cryptocurrencies to become a widely used payment mechanism.

“Increasingly cryptocurrency is being used by those under-served by traditional banking systems, or by those wanting to pay and exchange money in a cheaper and really convenient way. Many companies are responding to this by accepting Bitcoin,” Pick n Pay said in a statement.

Over the previous five months, the retailer used pre-selected testers to run the first part of the trial at 10 stores in the Western Cape region. With the objective of implementing it throughout all shops in the upcoming months, it has now been expanded to an additional 29 locations for consumer testing.

On its most recent pilot, Pick n Pay collaborated with Electrum and CryptoConvert. The business claimed that Electrum’s payment infrastructure links Cryptoconvert and Pick n Pay. This, therefore, enables clients to pay with Bitcoin Lightning technology at the till point.

Pick n Pay claims that this has been planned for a time. The organization performed a test in 2017 in its Cape Town headquarters cafeteria. It demonstrated the idea, but the technology at the time was too expensive for consumers. It conversely took too long to complete the transaction for it to be sustainably used.

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