South African retailer Pick n Pay now accepts payments via BTC in all its stores – Africa Bitcoin News
Pick n Pay, one of South Africa’s leading retailers, now accepts bitcoin as payment in all its stores across the country. Using the bitcoin lightning network, Pick n Pay’s customers can now purchase items such as groceries, airtime and electricity tokens.
Using BTC for daily purchases
Just a few months after it began accepting bitcoin payments at select retail locations, South African retailer Pick n Pay (PNP) now accepts bitcoin in its more than 1,500 stores across the country. According to reports, PNP customers can now buy groceries, airtime and electricity using the bitcoin lightning network.
As reported by Bitcoin.com News in November 2022, the South African retail giant’s acceptance of bitcoin as a means of payment was made possible by the Financial Sector Conduct Authority’s (FSCA) decision to declare crypto as a financial product. Before that, the PNP said it had experimented with BTC payments in one of its staff canteens in 2017. Although the experiments were successful, the retailer said using the technology at the time was apparently not cost-effective.
BREAKING: 🇿🇦 One of South Africa’s largest retailers, Pick n Pay, now officially accepts #Bitcoin and lightning payments in ALL of their over 1,500 stores 🙌
— Bitcoin Magazine (@BitcoinMagazine) 1 February 2023
Reacting to the announcement, Crypto QR, a South Africa-based crypto payment firm, welcomed the PNP’s move to allow citizens to use bitcoin for daily purchases.
“Great news, everyone! Crypto QR is now active in all Pick-n-Pay stores across South Africa, including PnP express and clothing stores! You can also buy airtime and electricity, plane and bus tickets and pay municipal bills with Bitcoin in the till, Crypto QR said in a tweet.
The legitimate use of Bitcoin in a store
Meanwhile, some Twitter users have praised the PNP for taking a step that helps those who want to promote the use and adoption of bitcoin as an alternative payment method. One user Kelly Yanes said this is the first time she has “seen legitimate use of bitcoin in person in a public place and in a store.”
Until BTC stabilizes in price, using it to buy things is a terrible idea. Seconds after you’ve bought something, it can go up and you’ve paid too much
— NoFilterNoFluff (@7th_Rule) February 2, 2023
However, a few other users were quick to highlight the downsides of using crypto assets for everyday purchases.
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