Pick n Pay has announced that, for a limited time, it will be trialing the acceptance of Bitcoin at a few of its Cape Town stores. The news is something of a shock for many as this is “potentially a world first for a major grocery retailer”.
As South Africa’s second largest supermarket chain store, the company has been known to test quite a few innovative tech enhancements, from how they stock their product to how you pay and save for each. Pick n Pay, in partnership with Electrum, a Cape Town-based software payments company, made the announcement this past week to accept one of the leading cryptocurrencies in the world.
While Bitcoin has become something of a heated topic of late, as it stands, there has been no implosion as yet, which means that many companies will soon fall behind the trend if they don’t eventually align their business with the uptake. And this is exactly Pick n Pay’s stance.
How it Works
While not quite as straight-forward as swiping your debit or credit cards, it’s still relatively easy, almost similar to carrying out a Snapscan or Zapper payment. Once you’ve chosen your items to purchase and reach the checkout, simply let the cashier know that you’ll be make a Bitcoin payment, which they’ll then select on the PoS system. A QR code will then be printed for the user to scan from the Luno app installed on your smartphone, which shows how much Bitcoin will be used before accepting the payment.
Luno, which also has an office in Cape Town, is a global Bitcoin company that allows users to buy, sell, send and spend Bitcoin currency. The integration allows customers to pay for their Pick n Pay purchases using their Bitcoin wallet.
The Bitcoin Rush
There are still many skeptics to using the cryptocurrency but, if you’re already farming and using it, there’s no reason why you wouldn’t want to use your Bitcoins where possible. For most Bitcoin users, there’s been a shortage of viable options and places to spend and this major step has huge potential, not only in South Africa but across the globe. In addition, if there were to be an eventual crash of the cryptocurrency, why not make the most of it while the iron’s hot?