South African retail giant Pick n Pay has seen a significant increase in monthly cryptocurrency payments, rising from around $1,350 to $54,000.
Most of these crypto transactions come from the Gauteng, KwaZulu-Natal, and Western Cape regions of South Africa.
Pick n Pay Sees Surge in Bitcoin Payments
Shoppers at South Africa’s retail giant, Pick n Pay, now spend approximately $54,000 (ZAR 1 million) on groceries, data, and municipal bills using Bitcoin (BTC). This marks a significant increase from the average of $1,350 per month reported when the retailer first launched its crypto payment services.
According to a report by Global Crypto TV, crypto transactions are particularly notable at Pick n Pay’s outlets in Gauteng, KwaZulu-Natal, and the Western Cape.
In early 2023, South Africa’s Pick n Pay started accepting Bitcoin (BTC) as a payment method in all its stores. This decision came after the Financial Sector Conduct Authority (FSCA) declared crypto assets as financial products.
Pick n Pay Integrates Bitcoin Payments into Ways2Pay Strategy
Deven Moodley, head of value-added services, financial services, and the mobile division at Pick n Pay, highlighted that crypto payments are a key part of the retailer’s Ways2Pay strategy. This strategy is designed to offer a variety of payment methods in their stores.
“For years, crypto was something only computer boffins knew about, but Pick n Pay has paved the way for our shoppers to be early adopters in using their digital currency as a method of everyday payment,” Moodley said.
In addition to expanding Pick n Pay’s payment options, the Bitcoin payment feature aligns with the retailer’s broader goal of reducing cash dependency and addressing financial exclusion.
Carel van Wyk, founder of Money Badger, which has facilitated crypto payments for Pick n Pay, noted that the transition from viewing Bitcoin as a speculative asset to recognizing it as a digital currency has contributed to the retailer’s increase in crypto transactions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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