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 (FSCA) recent announcement paves the way for cryptocurrency as a mainstream method of payment.

According to an article on BizCommunity, cryptocurrency is increasingly being used by those under-served by traditional banking systems, or by those wanting to pay and exchange money in a cheaper and more convenient way. Many companies are responding to this by accepting Bitcoin.

In its latest pilot, Pick n Pay tested a payment service technology that enables customers to buy groceries with cryptocurrency at till points with an app.

According to the retailer, the transaction is as easy and secure as swiping a debit or credit card. Customers scan a QR code from the app and accept the rand conversion rate on their smartphone at the time of the transaction. The service fee for each transaction is minimal, costing the customer on average 70 cents, taking less than 30 seconds.

Store rollout

Pick n Pay ran the pilot in 10 Western Cape stores over the past five months with pre-selected testers and has now extended the pilot to a further 29 stores for testing with customers, with the intention of rolling it out to all stores in the coming months. The list of participating stores can be found here.

"This exciting pilot shows huge potential and is another way we can help and support our customers." says Chris Shortt, Chief Information and Technology Officer. 

OFM News