OneDayOnly, a leading e-commerce platform in South Africa, announced that it is considering accepting bitcoin as a method of payment. The company offers an online marketplace for household items, gadgets, electronics, sports and lifestyle products, and cosmetics at bargain prices. The online retailer has grown exceptionally since 2013 and is now offering a wide range of products with better deals for shoppers looking to save money.
OneDayOnly to Accept Bitcoin Payments
OneDayOnly is looking to offer a better user experience for its growing customer base by integrating bitcoin payments into its platform. The digital currency may soon be used as a transactional currency thus making it easy for shoppers to purchase reputable brands at discounted prices. The company told BroadBand:
“We’re offering more products, more big brands, and even greater deals and savings […] Big brands have always been, and will continue to be, a huge focus of the business.”
The OneDayOnly announcement comes a few weeks after South African grocery retailer Pick n Pay enabled in-store bitcoin payments. This could point to a trend where local businesses are starting to see the potential of bitcoin to improve their customer experience and reduce payment costs. As South Africa has the highest rate of bitcoin adoption in the continent, this could lead to more bitcoin-friendly businesses coming up, which bodes well for the future of cryptocurrency in the country.
Presently, the company is on an upward trajectory with annual growth in revenues for the last five years, and opening new physical locations in Capetown and Johannesburg, as part of the ongoing expansion. OneDayOnly now employs 100 people from a staff of 40 last year, which points to its success in serving the needs of local customers.
“We will also continue to source exciting and innovative new products from all over the world – items that are new, quirky, and surprising,” the company said.
Accepting bitcoin has several benefits for merchant including the elimination of credit card chargeback fraud, low-cost payment processing, and access to a new customer base.