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The
announcement came weeks after the Financial Sector Conduct
Authority formally declared crypto assets as a financial product
in South Africa, enabling them to be regulated and clearing the
way for cryptocurrency to be a mainstream method of payment.
"Increasingly cryptocurrency is being used by those under-served
by traditional banking systems, or by those wanting to pay and
exchange money in a cheaper and really convenient way. Many
companies are responding to this by accepting Bitcoin," Pick n
Pay said in a statement.
The retailer ran the first phase of the pilot in 10 Western Cape
province stores over the past five months with pre-selected
testers. It has now extended it to a further 29 stores for
testing with customers, with the intention to roll it out to all
stores in the coming months, Pick n Pay said.
Pick n Pay has partnered with Electrum and CryptoConvert on its
latest pilot. Electrum's payment platform connects Cryptoconvert
and Pick n Pay, letting customers pay with the Bitcoin Lightning
technology at the till point, the company added.
"Crypto payments are still in their infancy in South Africa, but
we are already seeing adoption in parts of our society that
haven't previously had access to traditional financial systems,"
said Carel van Wyk, Founder of CryptoConvert, which allows
merchants to accept crypto payments.
(Reporting by Nqobile Dludla, editing by Ed Osmond)
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