Leading South African grocery retailer Pick n Pay has enabled in-store bitcoin payments. The new payment system was designed by fintech startup Electrum and is currently being piloted at Pick n Pay’s headquarters where customers can now purchase groceries using bitcoin.
The checkout process is easy and entails scanning the QR code using the bitcoin wallet app on the user’s smartphone as you can see in Electrum’s demo video below.
Setting up the Payment System
Electrum is a South African firm that offers cloud-based payment solutions. The company partnered with Luno in the project, with the latter providing the bitcoin infrastructure needed for in-store cryptocurrency payments. Luno is a leading bitcoin exchange and bitcoin wallet provider in South Africa. According to Electrum Managing Director, David Glass,
“We’ve worked closely with PnP for several years as a key technology provider. Our mission is to support innovative enterprises like Pick n Pay, and together we use the advanced Electrum software-as-a-service technology to move quickly on new opportunities, whilst at the same time delivering the best possible shopping experience“.
Driving up Bitcoin Adoption
The new initiative will have a secondary effect of boosting bitcoin adoption in South Africa. Already, the country has a large cryptocurrency community and is home to a number of innovative bitcoin startups. Also, Pick n Pay will establish itself as a pioneer when it comes to embracing alternative modes of payment. Jason Peisl, an executive at Pick n Pay, says,
“At Pick n Pay one of our key values is to embrace change and encourage innovation and leadership. To deliver on that promise we are constantly working with our technology partners to find ways in which we can deliver valuable, innovative services to our customers. Cryptocurrency and Bitcoin are still relatively new payment concepts, yet we have been able to effectively demonstrate how we are able to accept such alternative payments.“