South African retailer Pick n Pay now accepts bitcoin in all 1628 stores after three months of testing at 39 locations.
As part of the nationwide promotion, store customers will be able to apply cryptocurrency payment products through the smartphone app process, or use the conversion rate of South African Ayre when scanning QR codes and accepting payments.
To pay in Bitcoin, customers need a Bitcoin Lightning wallet and CryptoConvert's CryptoQR scanner application, which connects to Bitcoin Lightning wallet. The payment step requires the user to use the QR code of the CryptoQR application scanner product, and then enter the lightning wallet to determine the interest rate and make a deal.
Twitter users share the experience they have gained in using bitcoin payment products in Pick n Pay stores:
Prior to this, South Africa's financial regulator, the Financial Markets Department's Office of personal Conduct Supervision (FSCA), amended the fiscal and tax advisory law in October to classify encrypted property as financial wealth management products, including encrypted currency for the first time in South Africa and allowing financial service providers to grant encrypted property in China and around the world.
The retail chain has revealed that it plans to release encrypted payments nationwide in November after designated stores have launched demonstration sites for encrypted payments for years. The first experiment with cryptocurrencies came in 2017, when the company began accepting bitcoin as a payment method in Cape Town, but transaction fees and waiting time limited the process.
During the demonstration site program period, Pick n Pay collaborated with Electrum and CryptoConvert to enable customers to make payments through the Bitcoin Lightning Network, the second layer of the Bitcoin blockchain, allowing offline trading
Among African countries, South Africa seems to have made great progress in choosing cryptocurrencies. According to Chainanalysis's 2022 worldwide encryption selection index, South Africa ranks 30th in the world in terms of cryptocurrency selection. According to statistics, about 10% to 13% of South Africa's population has encrypted property.
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Tue, 18 Apr 2023