South African Retailer Pick n Pay Now Accepts Payment in Bitcoin at 39 Outlets – Africa Bitcoin News

Pick n Pay, the South African retailer, has revealed that some of its grocery stores 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.”

The 2017 trial served as a proof of concept

South African grocery giant, Pick n Pay, announced on November 1, 2022 that some of its stores – around 39 – now accept 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 retail locations followed the success of a pilot phase that began more than four months earlier. Before that, Pick n Pay tested bitcoin payments in a staff canteen, and while the technology seemed expensive at the time (2017), it still worked as a proof of concept, the report added.

Crypto as a “regular method of payment”

In a statement explaining why it decided to introduce the bitcoin payment option to some of its stores, Pick n Pay said:

While for many years crypto was something for specialists on their computers, or used by early adopters trying it out, things are changing. The Financial Sector Conduct Authority’s recent announcement paves the way for cryptocurrency as a mainstream payment method.

The retailer also noted that crypto is now used by the unbanked “or by those who want to pay and exchange money in a cheaper and convenient way.” According to Pick n Pay, several companies similarly enable their customers to pay with bitcoin.

To ensure that crypto payments would be affordable, Pick n Pay reportedly chose to use the Bitcoin Lightning Network (LN). Using LN – a layer two (L2) system on top of the Bitcoin network – enables “high volume, low value transactions will promote financial inclusion”, the retailer said.

Register your email here to get a weekly update on African news delivered to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.