Pick n Pay moves to add cryptocurrency payment in stores

Pick n Pay has led the way in local retail market by making transactions via cryptocurrency accessible to millions of people.

This after the successful completion of the first phase of a new pilot that allows consumers to pay using cryptocurrency on their smartphones.

An announcement recently by the Financial Sector Conduct Authority paved the way for cryptocurrency to become a mainstream method of payment, and many companies are responding to this by accepting Bitcoin.

Group executive: information and technology at CITO, Chris Shortt, said this new technology means they can provide an affordable service for high-volume, low-value transactions that will boost financial inclusion in South Africa.

“We are constantly innovating and testing new technology so that we can add real value and choice for the customers we serve. This exciting pilot shows huge potential and is another way we can help and support our customers,” said Shortt.

Founder at CryptoConvert, Carel van Wyk, said Blockchain technology and the systems it enables, like the Lightning Network, are rapidly evolving to help with faster, cheaper transactions and more price-stable tokens (in satoshi, the smallest unit of Bitcoin currency).

“Cryptocurrency combines the convenience of cash with the safety and security of electronic identification measures, like biometrics and cryptographic encryption. It is also cheaper than credit cards or the cost of cash handling,” said Van Wyk.

“But more importantly, it is a digital payment that is open to anyone, including those unable to use traditional digital payment options. And we’ve seen the benefits it has opened up, as evidenced by the trial with Bitcoin Ekasi.”

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