south africa one of the largest grocery chains Pick n Pay (PIKJ.J) In a statement on Tuesday, the first phase was successfully completed. Bitcoin (BTC) and cryptocurrencies announced that it is expanding the scope of its pilot to include more stores as a payment option.
South African Market Chain Will Accept Bitcoin (BTC) Payment
The announcement comes after the Financial Industry Executive Authority officially declared crypto assets as a financial product in South Africa.
“Cryptocurrencies are increasingly being used in situations where traditional banking systems are failing, or by people who want to make cheaper payments and exchange money,” Pick n Pay said in a statement.
Many companies are responding to this by accepting Bitcoin (BTC).
The company has conducted the first phase of the pilot with pre-selected people at its 10 stores in the Western Cape province over the past five months.
Pick n Pay said it has now expanded to 29 more stores to test it with other customers, and aims to expand it to all stores in the coming months.
Pick n Pay, in its latest pilot electrum and CryptoConvert partnered with.
The company added that Electrum’s payment platform connects Cryptoconvert and Pick n Pay, allowing customers to pay with Bitcoin Lightning technology at the checkout.
“Crypto payments are still in their infancy in South Africa, but we are seeing crypto adoption in segments of our society that previously did not have access to traditional financial systems,” said Carel van Wyk, Founder of CryptoConvert, which enables businesses to accept crypto payments.
*Not investment advice.
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