WATCH: Kids use their Bitcoin to buy groceries at Pick n Pay

Bitcoin South Africa Africrypt scam cryptocurrency investment investors

Pick n Pay has started accepting payments in cryptocurrency.

The massive news came this week to allow customers to buy their groceries including their favorite Biltong using their Bitcoin wallet at till points.

Several enthusiasts have video-logged the shift by Pick n Pay into the future.

Users took to social media to depict how they could now go to the grocery store with their cryptocurrency on their mobile phones.

Stores across Africa

There are a number of point in and across the continent which now allow Bitcoin at till points.

One of the country’s largest retailers, Pick n Pay has introduced a ground breaking shift towards the future which even children have welcomed.

The decision comes after the Financial Sector Conduct Authority (FSCA) set the ball rolling to allow crypto as a method of payment.

A draft for the regulatory framework for regulating cryptocurrency was underway.

The South African Reserve Bank earlier announced it was working on frameworks to regulate crypto transactions.

The reserve soon culminated to define crypto as a financial asset rather than just currency.

This means the roll out of an approach to regulate cryptocurrency would be made in phases.

The crypto asset eco system has grown immeasurably over the last decade and it seems Pick n Pay is not the only player seeing it’s potential.

Pick n Pay has been experimenting with crypto payments for several years testing at around 39 stores nationwide.

The retail giant is planning to introduce the system to all it’s stores in the upcoming months.

Stores which will be part of the transition are:

Mall of Africa
Mall of the North
Mall of the South
Menlyn Shopping Centre
Pick n Pay on Nicol
Nelspruit
Sedgefield
Stellenbosch Central and Stellenbosch Square
Paarl Mall
Willowbridge
Local Big Bay
Table Bay Mall
Cavendish
Kenilworth
Kenilworth Campus
Bedfordview
Centurion
Fourways Mall
PnP Qualisave Carlton Centre
PnP Qualisave Diepsloot
PnP Qualisave Midrand
PnP Qualisave Rustenburg
PnP Qualisave Commercial Road
PnP Qualisave North Beach
PnP Qualisave The Workshop
PnP Qualisave Goodwood
Hyper Bloemfontein
Hyper Durban North
Hyper Northgate
Hyper Ottery

How it will work

Customers will be able to make payments using their smart phones.

With any Bitcoin lightning enabled app, including BlueWallet, customers will be able to facilitate payments.

It will be like swiping your card at till points, with a service fee charged.

Simply scan a QR code from the app and accept the rand conversion rate on your smartphone.

Customers will be charged around 70 cents should the system kick into motion.

Ten stores around Western Cape were used for the pilot over the past five months.

Pick n Pay is most likely to introduce the pilot to more stores which include Mall of Africa in the coming months.

Also read: How to merge two groups with new WhatsApp communities feature

Gopolang Moloko
More

News

Sign up to our newsletter to get the latest in digital insights. sign up

Welcome to Memeburn

Sign up to our newsletter to get the latest in digital insights.