Pick n Pay is a South African retailer that has announced that its supermarkets now accept bitcoin payments. To ensure payments are affordable, Pick n Pay reportedly uses the Bitcoin Lightning Network which is said to be suitable for “high volume, low-value transactions.”
2017. 2017 Trial served as proof of concept
The South African grocery retail giant, Pick n Pay, announced on Nov.1, 2022, that some of its stores — about 39 — are now accepting bitcoin (BTC) payments. The retailer also said it plans to enable crypto payments in all its stores “in the coming months.”
According to a Business Insider report, Pick n Pay’s decision to expand bitcoin payments to 39 outlets followed the success of a pilot phase that commenced more than four months earlier. Pick n Pay previously tried bitcoin payments in a staff canteen. The technology, although it seemed costly at the time (2017) served as a proof point, said the report.
Crypto as a ‘Mainstream Method of Payment’
Pick n Pay released a statement explaining why they introduced bitcoin payments to certain of their stores.
Although crypto has been a niche technology for years and was only used by experts, early adopters of the cryptocurrency are now able to use it. The Financial Sector Conduct Authority’s recent announcement paves the way for cryptocurrency as a mainstream method of payment.
The retailer also noted that crypto is now being used by the unbanked “or by those wanting to pay and exchange money in a cheaper and convenient way.” According to Pick n Pay, several companies are similarly making it possible for their clients to pay using bitcoin.
Pick n Pay reportedly decided to use the Bitcoin Lightning Network in order to make crypto payments affordable. By using the LN — a layer two (L2) system on top of the Bitcoin network — makes “high volume, low-value transactions will promote financial inclusion” possible, the retailer reportedly said.
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