• Pick n Pay, a South African retailer, has launched acceptance of bitcoin for payments throughout all of their stores.
• Customers can use CryptoQR to buy groceries, airtime and electricity, plane and bus tickets, and pay municipal bills with Bitcoin.
• The introduction of bitcoin to Pick n Pay’s stores is likely to have a significant impact on the broader bitcoin payments landscape in South Africa.
Pick n Pay Launches Bitcoin Payment Acceptance
Pick n Pay, a South African retailer, has launched acceptance of bitcoin for payments throughout all of their stores after previously running a test pilot in 39 stores in November 2022. Now customers will be able to use CryptoQR to purchase groceries from any Pick n Pay store across the country.
What Can You Buy With Bitcoin?
Customers can also use their bitcoins to purchase airtime and electricity, plane and bus tickets, and pay municipal bills at the till! There is a small service fee associated with payments made in BTC which costs the customer on average 70c (roughly $0.04) of the local currency as of November 2022.
Impact On Wider Adoption Of Bitcoin Payments
The introduction of bitcoin to Pick n Pay’s stores could bring widespread adoption of bitcoin usage by introducing new users to spending rather than selling it for usability. This could be a major step forward in the wider adoption of bitcoin payments as it could inspire other major retailers to follow suit.
Market Share In Formal Food And Grocery Sector
Pick n Pay has almost 2,000 stores across South Africa with 16% market share in the formal food and grocery sector according Business Insider South Africa report. By allowing people to spend their BTC at larger retailers like Pick n Pay line between setting aside money for bitcoin and simply utilizing it as your money is blurred.
The launch of acceptance for Bitcoin payments at Pick ‘n’Pay marks an important milestone towards driving wider adoption of cryptocurrency usage across many different sectors in South Africa. It not only brings more usability but also drives greater trust by providing convenience when making transactions with digital currencies such as Bitcoin.