Pick n Pay South Africa To Start Accepting Cryptocurrency Payments

joetunex in #hive-167922 • 2 years ago

Since El Salvador legalized Bitcoin as tender, the number of countries that followed suit hasn't been much, hopefully, that will increase in the future. On the other hand merchant open to accepting cryptocurrency payments are on the rise.

South Africa's Pick n Pay is one open to cryptocurrency payments, according to reports the grocery store has been running a pilot program for five months back.

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The retailer ran the first phase of the pilot in 10 Western Cape province stores over the past five months with pre-selected testers. It has now extended it to a further 29 stores for testing with customers, with the intention to roll it out to all stores in the coming months, Pick n Pay said.
Source

This is a good move for Pick n Pay as it accepts cryptocurrency payments, the number of crypto payments might not be high but it is a start.

The first time I paid with cryptocurrency was back in 2015/2015 and it was in Pick n Pay with a Xapo Bitcoin debit card, I can recall the excitement and smile on my face. It was a feeling of surprise, it felt unreal that back then in the earlier days of Bitcoin when I shopped with Bitcoin, I felt like I was ahead of the masses fast forward to 2023 I still feel ahead of the masses with Pick n Pay only planning to accept cryptocurrency now.

I expect other grocery stores like Woolworths, Checker, and perhaps Spar to follow suit. With cryptocurrency payments available in grocery stores, we could be looking at a more common way of exposing people to cryptocurrency as everyone do their shopping. Again the numbers from the onset might not be encouraging but now and then the curiosity over what is cryptocurrency will kick in for no-coiners.

Another positive is the unbanked can utilize cryptocurrency payments, at present we can withdraw cash from our bank accounts from till points through a means called "cash back" could "cash back" become a possibility through cryptocurrency payments? It would be nice to give people the option to less depend on banks.

Talking about banks, we are witnessing options arising, showing the need for banks is becoming less on daily basis with cryptocurrency. The possibilities with cryptocurrency and its underlying technology Blockchain are vast, it will only us to keep scratching to unveil new use cases as this space evolves.

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2 years ago in #hive-167922 by joetunex

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dwayne16 2 years ago

Good to see that south Africa now accept bitcoin, hopefully it extend quickly to country like nigeria

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joetunex 2 years ago

Nigeria has good numbers of cryptocurrency users, if retail stores can start accepting cryptocurrency payments it will be a good boost to adoption numbers in Nigeria.

!PIZZA

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humbe 2 years ago

The first time I paid with cryptocurrency was back in 2015/2015 and it was in Pick n Pay with a Xapo Bitcoin debit card

It seems like Pick n Pay evolves with tech and the management team is way open-minded to technology. It would be interesting if they also shared their proposed mitigation strategy for managing the volatility of cryptocurrency. For such a huge supermarket I am sure they can adopt lessons even from their day-to-day operation where they can offset the losses made when products had to be sold at reduced prices or removed completely because they're nearing an expiry date or damaged.

I saw you suggested Converting to a stablecoin in one of the comments, that's a great point. And this will also give more innovation for automation. They can aim to automate the system to convert to stablecoin using thresholds set to trigger the process and to update periodically.

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joetunex 2 years ago

Am impressed by the move made by PnP to accepting cryptocurrency payments, this places it ahead of the bunch.

With the rate of advancement in our world today, it's either we evolve or get left behind. PnP is leading the way for grocery stores in SA by the looks of things.

!PIZZA

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misshugo 2 years ago

@technicalside as dit werk neh gaan ons darm kos kan koop 😂

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poshtoken 2 years ago

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joanstewart 2 years ago

Saw them start a pilot project in Cape Town with BTC some time back then all went quiet, doubt many will work with BTC more crypto options is where this may start to become viable.

Wait and see once again how this rolls out, interesting times.

!BEER Cheers sundowner!

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joetunex 2 years ago

People wouldn't want to spend their BTC, more cryptocurrency options will be better. Am looking forward to when crypto payments are available in PnP Johannesburg.

Thanks for the beer, some !PIZZA for you.

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joanstewart 2 years ago

Let us know how they work if they get there, always interesting!

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joetunex 2 years ago

Will do, I will be on the lookout for PnP Flora center since that's where I shop 🙂

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chekohler 2 years ago

Not crypto bitcoin my dude don’t get it twisted

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humbe 2 years ago

Looks like the source is the one that got it twisted for your "lens" as it also titled it exactly that way and went on to use the term "cryptocurrency" payment in the whole discussion. Only made reference to Bitcoin when the author was explaining how it was implemented. This author too shared their 2015 experience of using Bitcoin shopping at PnP.

I guess both authors opted to use logic hoping the readers will read with an open mind. Logically, Bitcoin is still a cryptocurrency payment but one can argue that it's different to try and outsmart common sense.😊

Cheers! -Have fun!🌺

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chekohler 2 years ago

Nope, they're either misunderstood or trying to conflate the bitcoin network success with the shitcoin parasite promoting that goes on in this space trying to sell naive people on reasons why they should buy the bags of these early and premine holders

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humbe 2 years ago

Did you read the original article because that really sounds like a random opinion and I'm probably too slow to find it's relevance for this article.

But logically thinking between me and you as readers, which of the crypto is widely recognized in the market out of all the 12000?

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chekohler 2 years ago

yes i've read the article and I know the guy who build the system so I think I know more than you on the topic

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rubelynmacion 2 years ago

oh this is nice!

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joetunex 2 years ago

I think it is nice as well exposing shoppers to cryptocurrency

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jfang003 2 years ago

I don't see any reason to refuse crypto and I think stores can just convert crypto into fiat if they want to save that purchasing power. Having more options is always better than not having enough.

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joetunex 2 years ago

Immediate crypto conversion to fiat is also an option to prevent losses due to volatility. The more payment options we have the better.

!PIZZA

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hopestylist 2 years ago

It will be really nice if supermarkets and other places accept crypto currency but there is one particular downside of crypto that I think will make it harder for organizations to just accept it as payments and that is its volatility, rising and failing unexpectedly.

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joetunex 2 years ago

Volatility is no doubt a challenge, I suppose the right thing to do is convert cryptocurrency to stablecoins as soon as transactions are confirmed, it will be a tedious process I can imagine but yeah, you do have a point over the volatile nature of cryptocurrency.

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hopestylist 2 years ago

Yeah, it is surely a downside but like you said converting to stable coins is not a bad idea.
How are you doing today?

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joetunex 2 years ago

I am good thanks just tired it's been a hectic week. How are you?

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hopestylist 2 years ago

Sorry about the stress, I'm good just not eating well lately and it's telling on me 😏.

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joetunex 2 years ago

Lol I guess you are not hungry, send those food to me.

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hopestylist 2 years ago

Hahaha, I would have love to but no! Haha 😅

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joetunex 2 years ago

Lol, just kidding.

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xplosive 2 years ago

its volatility, rising and failing unexpectedly.

Steam once (in 2016 April) accepted Bitcoin (BTC) as a payment method, but it removed it in 2017 December. And this was one of their reasons why they removed it. Steam Co-founder Reveals Why Bitcoin removed as Payment Method on Steam?

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hopestylist 2 years ago

Oh, I see! That reason is just one of the greatest downside but yet also a upside of crypto currency. Thank you for sharing this information with me, I will check it out.

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