Grocery retailer Pick n Pay from South Africa now accepts Bitcoin in all 1,628 stores nationwide following regulation changes by the FSCA.
After carrying out a three-month testnet, Pick n Pay from South Africa now accepts bitcoin as payment. Customers from all the 1,628 stores nationwide can now purchase goods using cryptocurrency via smartphone apps or scanning a QR code.
To pay using Bitcoin, customers must have a Bitcoin Lightning Wallet, which can be linked to a CryptoQR scanner app from CryptoConvert. The payment process is simple and requires customers to scan a product’s QR code using the CryptoQR app, and then proceed to the Lightning Wallet to confirm the rate and complete the transaction.
Accepting Bitcoin payments
This major development comes after the Financial Sector Conduct Authority (FSCA) classified crypto assets as financial products. The regulatory body also brought them under regulation for the first time in South Africa. This allows financial service providers to offer crypto-assets both domestically and internationally.
Pick n Pay’s journey into crypto started with a pilot program in 2017 when the retailer accepted Bitcoin in selected stores in Cape Town. However, transaction costs and wait times hindered the process.
For its nationwide rollout, the retailer partnered with Electrum and CryptoConvert to offer Bitcoin payments through the Lightning Network. Through the layer 2 network, transactions will be off-chain, offering customers faster and more secure transactions.
South Africa driving crypto adoption
Africa at the forefront of crypto adoption is no longer mare talk but actualizing into reality. From Kenya’s taxman exploring taxing crypto to the Nigerian brothers who surpassed expectations, BTC surged to 60% even after the government pushed for the eNaira adoption. South Africa, among the major countries leading in crypto adoption in Africa, besides Nigeria and Kenya, is now making big steps.
According to Chainalysis’ 2022 Global Crypto Adoption Index, South Africa ranks 30th globally in crypto adoption. About 10-13% of the South African population holds crypto assets, and Pick n Pay’s decision to accept Bitcoin will likely drive further adoption.
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