Ever wanted to buy bread at Pick n Pay, but forgot your real money at home? Pick n Pay is now accepting Bitcoin as payment in 39 of its stores. It plans to expand the service to all stores in the country “in the coming months”, it said in a statement.
Crypto to the masses
Pick n Pay started the project as a small pilot in 2017 in the canteen of its head office in Cape Town. That obviously proved successful. It then expanded to ten Western Cape stores over the last five months. Now, the retailer has included a further 29 stores with plans to include the rest of its South African stores soon.
The retailer stated that,
“While for many years crypto was something for specialists on their computers, or used by early adopters trying it out, things are changing. The Financial Sector Conduct Authority’s (FSCA) recent announcement paves the way for cryptocurrency as a mainstream method of payment.”
But first, some prep is required
If you’re wanting to try this out for yourself, you’ll need a couple of things set up beforehand. First, you’ll need to own some Bitcoin. Currently, 1 BTC costs roughly R371,700. That’s a lot of bread.
Next, you’ll need to set up a wallet for that Bitcoin. Pick n Pay’s statement mentions BlueWallet or Muun so we’d stick to those until it officially supports a wider selection.
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Then, once you’ve gathered your required supplies, head to the till. You’ll need to scan a QR code in your Bitcoin Lightning-enabled app of choice. It will show you an up-to-date Rand conversion rate at the time of your purchase, accept that (and the added transaction fee) and your transaction should take less than 30 seconds to clear. At least, according to the retailer.
“We are constantly innovating and testing new technology so that we can add real value and choice for the customers we serve. This exciting pilot shows huge potential and is another way we can help and support our customers,” says Chris Shortt, Group Executive of Information and Technology.
A full list of active test stores is available here.