South African Supermarket Chain Pick n Pay Now Accepts Bitcoin Payments: Report

The retailer is taking payments from any Lightning Network-enabled wallet.

AccessTimeIconNov 1, 2022 at 1:39 p.m. UTC
Updated Nov 1, 2022 at 8:22 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Pick n Pay, which is one of South Africa's largest supermarket chains, is now allowing customers to pay with bitcoin (BTC) using any Lightning Network-enabled app, according to South Africa's The Times.

The payment method was tested in 10 stores over the past five months and is now available in 39 stores across the country, according to The Times.

The Lightning Network is a layer 2 scaling tool for the Bitcoin blockchain that reduces the time it takes to send a transaction and that is also much cheaper than the main Bitcoin network, making it more appealing to merchants.

“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," a spokesperson for Pick n Pay said in the report, referring to South Africa's currency.

“The service fee for each transaction is minimal, costing the customer on average 70c (about 4 cents) and takes less than 30 seconds," the spokesperson added.

According to the report, Pick n Pay plans to roll the payment method out to all of its 1,628 stores over the coming months.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.