South Africa Retailer Pick n Pay Now Accepts Payment in Bitcoin at 39 Outlets

Pick n Pay, the South African retailer, has revealed that immoderate of its market stores are present accepting bitcoin payments. To guarantee payments are affordable, Pick n Pay reportedly uses the Bitcoin Lightning Network which is said to beryllium suitable for “high volume, low-value transactions.”

2017 Trial Served arsenic Proof of Concept

The South African market retail giant, Pick n Pay, announced connected Nov.1, 2022, that immoderate of its stores — astir 39 — are present accepting bitcoin (BTC) payments. The retailer besides said it plans to alteration crypto payments successful each its stores “in the coming months.”

According to a Business Insider report, Pick n Pay’s determination to grow bitcoin payments to 39 outlets followed the occurrence of a aviator signifier that commenced much than 4 months earlier. Before that, Pick n Pay tested bitcoin payments astatine a unit canteen and adjacent though the exertion seemed costly astatine the clip (2017), it nevertheless served arsenic a impervious of concept, the study added.

Crypto arsenic a ‘Mainstream Method of Payment’

In a connection that explains wherefore it decided to present the bitcoin outgo enactment to immoderate of its stores, Pick n Pay said:

While for galore years crypto was thing for specialists connected their computers, oregon utilized by aboriginal adopters trying it out, things are changing. The Financial Sector Conduct Authority’s caller announcement paves the mode for cryptocurrency arsenic a mainstream method of payment.

The retailer besides noted that crypto is present being utilized by the unbanked “or by those wanting to wage and speech wealth successful a cheaper and convenient way.” According to Pick n Pay, respective companies are likewise making it imaginable for their clients to wage utilizing bitcoin.

To guarantee that crypto payments would beryllium affordable, Pick n Pay reportedly chose to usage the Bitcoin Lightning Network (LN). By utilizing the LN — a furniture 2 (L2) strategy connected apical of the Bitcoin web — makes “high volume, low-value transactions volition beforehand fiscal inclusion” possible, the retailer reportedly said.

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