Pick n Pay customers are now able to pay for items using crypto via apps on smartphones or by scanning a QR code.
legislation in October 2022 to classify crypto assets as financial products, bringing cryptocurrencies under regulation for the first time in South Africa, and allowing financial service providers to offer crypto-assets both domestically and internationally.
The retail chain disclosed plans to roll out crypto payments nationwide in November 2022, after years piloting the service in selected stores. A first experiment with cryptocurrencies took place in 2017, when the company began accepting Bitcoin as a form of payment in Cape Town, but transaction costs and wait times hindered the process.
During its pilot program, Pick n Pay partnered with Electrum and CryptoConvert to enable customers to pay via the, a second layer added to Bitcoin’s blockchain that allows off-chain transactions Among the African nations, South Africa appears to be making considerable progress in adopting cryptocurrency. South Africa ranks 30th globally in terms of cryptocurrency adoption according to Chainalysis' 2022 Global Crypto Adoption Index. It has been estimated that about 10% to 13% of the South African population holds crypto assets.
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