• Pick n Pay, a South African retailer, now accepts bitcoin payments at all its stores across the country.
• The retailer was able to do this due to the Financial Sector Conduct Authority (FSCA) declaring crypto as a financial product.
• Customers can use the bitcoin lightning network to buy groceries, airtime and electricity tokens from Pick n Pay stores.

South African Retailer Pick n Pay Now Accepts Payments via BTC

Pick n Pay, one of South Africa’s leading retailers, has announced it now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, customers can now purchase items such as groceries, airtime and electricity tokens with BTC.

Background on Bitcoin Adoption in South Africa

In November 2022, the Financial Sector Conduct Authority (FSCA) declared crypto a financial product – paving the way for Pick n Pay’s adoption of BTC payments. This followed an experiment by PNP to accept bitcoin payments at one of its staff canteens back in 2017 which proved successful but too costly to continue using it then.

Reaction to Announcement

Crypto QR, a South Africa-based crypto payments firm welcomed PNP’s move that allows residents to use bitcoin for everyday purchases with their tweet „Good news, everyone! Crypto QR is now active at all Pick-n-Pay stores across South Africa“. Twitter users also lauded PNP for taking a step that helps promote use and adoption of bitcoin as an alternative payment method.

Disadvantages of Using Bitcoin for Everyday Purchases

However, some Twitter users pointed out the disadvantages of using crypto assets for everyday purchases such as price instability which could lead shoppers overpaying for something if prices change quickly after buying it.

Conclusion

Overall this move by Pick n Pay provides more opportunities for people to spend their bitcoins on everyday purchases while furthering cryptocurrency adoption in South Africa.