Pick n Pay, one of South Africa’s leading retailers, has reportedly begun accepting bitcoin as payment in all its stores in the country. Using Bitcoin’s Lightning network, Pick n Pay customers can now purchase items such as groceries, airtime, and electricity tokens.
use BTC for everyday purchases
Just months after launching bitcoin payments in select stores, South African retailer Pick n Pay (PNP) is now reportedly accepting bitcoin in more than 1,500 stores in the country. According to reports, PNP customers can now purchase groceries, airtime, and electricity using Bitcoin’s Lightning network.
As reported by Bitcoin.com News in November 2022, the South African retail giant’s acceptance of bitcoin as a means of payment was made possible by the Financial Sector Conduct and Supervision Authority’s (FSCA) decision to declare crypto a financial instrument. Earlier, the PNP said it had experimented with payments inBTC; it made a BTCpayment in one of its staff canteens in 2017. The experiment was successful, but the retailer stated that using the technology did not seem cost-effective at the time.
BREAKING: 🇿🇦 Pick n Pay, one of South Africa’s largest retailers, now officially accepts#bitcoinand Lightning payments in all of its 1,500+ stores Now 🙌
– Bitcoin Magazine (@BitcoinMagazine) is Feb 1, 2023 launch
Reacting to the announcement, South Africa-based crypto payments company Crypto QR, which allows residents to use bitcoin for everyday purchases The company paid tribute to the PNP’s move to
“Good news folks, Crypto QR is now enabled in Pick-n-Pay stores across South Africa, including PnP express and clothing stores! You can also buy airtime, electricity, plane and bus tickets, and pay your municipal bill with bitcoins at the cash register,” Crypto QR said in a tweet.
Legitimate Uses for Bitcoin in Stores
Meanwhile, some Twitter users praised PNP for taking a step forward in helping those seeking to promote the use and adoption of Bitcoin as an alternative payment method. One user, Kelly Yanez, said that this is “the first time I’ve actually seen legitimate use of bitcoin in public spaces and stores.”
until the price of BTC stabilizes, buying things with it is a horrible idea. A few seconds after you buy something it rises and you may have overpaid a ton
– NoFilterNoFluff (@7th_Rule) is a Feb 2, 2023
However, several other users quickly highlighted the disadvantages of using crypto assets for daily purchases.
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Image credit: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Sunshine Seeds / Shutterstock.com
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