Umamah Bakharia | ub@radioislam.co.za
2 min read
2 November 2022 | 13:00 CAT
Grocery retailer, Pick n Pay is adding cryptocurrency as a payment method at the till points of 39 stores across the country.
Photo credit: Business Wired
The announcement by Pick n Pay comes after the Financial Sector Conduct Authority (FSCA) authorised cryptocurrency as a financial product in South Africa.
Pick n Pay’s Chief information officer Chris Shortt explains how the crypto payment method will be rolled out:
“So, you have to keep them in what’s called a lightning wallet – you buy a bitcoin or a cryptocurrency and transfer from that into your wallet, and then you actually scan a QR code at the till, and that triggers the conversion from the cryptocurrency in your wallet into rands, and then that process is against the transaction of what you’re trying to buy.”
The retailer says they have made this decision after testing cryptocurrency for five months at selected stores across the country.
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