Pick n Pay, a immense supermarket chain in South Africa, announced on Tuesday that it now accepts Bitcoin as payment in its online store, according to a local media report.
Customers can now pay with Bitcoin (BTC) using any Lightning Network-enabled app, such as BlueWallet or Muun, for groceries, hygiene products, household items and many other products offered at the supermarket. Lightning Network is a Layer 2 solution built on the Bitcoin blockchain. It speeds up transactions while making it cheaper than the main Bitcoin network, making it more attractive to enterprises.
Pick n Pay says it has tested the payment method in 10 stores over the past five months and it is now available in 39 stores nationwide. The report shows that the supermarket plans to make this payment method available in other stores across the country in the coming months.
In a statement, a Pick n Pay spokesperson described Bitcoin transactions as basic and secure, like swiping debit or credit cards, and significantly cheaper. “Customers scan the QR code from the app and accept the rand conversion rate on their smartphone at the time of transaction,” the representative said in the report.
South Africa remains one of the main regions with vigorous cryptocurrency usage in Africa. Cryptocurrencies, especially Bitcoin, are growing in popularity in the country. This is due to greater exposure among people as the country has over six million people with exposure to cryptocurrencies.
South Africa ranks eighth in the world in terms of cryptocurrency ownership among the public – in 2021, 7.1% of its population owned digital currency, which is more than the UK or Brazil – According to to the UN Trade Agency. Cryptocurrency ownership is also widespread in Kenya and Nigeria among African countries.
Many newborn people in South Africa engage in this activity in the hope of making money, even as authorities and financial experts warn of the dangers of fraud, huge losses and mental anguish.
Last month, South Africa recognized crypto assets as a financial product as part of efforts to bring digital assets more widely under local authorities and make it easier for regulators to monitor the market and lend a hand protect consumers.
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