{"id":6272,"date":"2022-11-01T14:02:30","date_gmt":"2022-11-01T14:02:30","guid":{"rendered":"http:\/\/ci02af3e23500027a3"},"modified":"2022-11-01T14:02:30","modified_gmt":"2022-11-01T14:02:30","slug":"pick-n-pay-now-accepts-bitcoin","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/pick-n-pay-now-accepts-bitcoin","title":{"rendered":"Leading South African Retailer Pick n Pay Starts Accepting Bitcoin"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Customers in South Africa can now use their bitcoin to purchase regular daily goods at a local food retailer.<\/p>\n<p>Pick n Pay, one of South Africa\u2019s largest retailers, has started rolling out Bitcoin payments in its stores, extending a pilot that began with 10 locations five months ago to a total of 39, local news outlet <a href=\"https:\/\/www.timeslive.co.za\/news\/south-africa\/2022-11-01-pick-n-pay-lets-you-pay-for-groceries-using-bitcoin-here-are-stores-where-its-accepted\/\" target=\"_blank\" rel=\"noopener\">Sunday Times<\/a> reported. The retailer said it plans to enable the payment option on all of its stores in coming months.<\/p>\n<p>In addition to supporting on-chain Bitcoin transactions, Pick n Pay\u2019s BTC-enabled payment gateway also allows customers to pay with Lightning wallets, a move that turns even the smallest of payments feasible. With its usage broadly showcased in the adoption of bitcoin by El Salvador last year, Lightning reduces transaction costs to a minimum while ensuring nearly instantaneous settlements. Customers can use the Bitcoin or Lightning wallet of their choice. <\/p>\n<p>\u201cThe transaction is as easy and secure as swiping a debit or credit card. Customers scan a QR code from the app and accept the rand conversion rate on their smartphone at the time of the transaction,\u201d Pick n Pay said, per the report. <\/p>\n<p>Pick n Pay added that it will charge a small service fee for payments in BTC, \u201ccosting the customer on average 70c\u201d of the local currency, per the report, which currently translates to about $0.04.<\/p>\n<p>\u201cIncreasingly cryptocurrency is being used by those under-served by traditional banking systems, or by those wanting to pay and exchange money in a cheaper and really convenient way. Many companies are responding to this by accepting Bitcoin,&#8221; Pick n Pay said in a statement, according to a <a href=\"https:\/\/www.reuters.com\/technology\/grocery-retailer-pick-n-pay-start-accepting-cryptocurrency-payments-2022-11-01\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> report.<\/p>\n<p>Pick n Pay has almost 2,000 stores across the country, <a href=\"https:\/\/www.businessinsider.co.za\/pick-n-pay-new-qualisave-store-compete-with-shoprite-and-woolworths-2022-9\" target=\"_blank\" rel=\"noopener\">Business Insider South Africa<\/a> reported. The firm has a 16% market share of the country&#8217;s formal food and grocery sector, per the report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Currently 39 Pick n Pay stores are testing the payment method, with plans to roll it out to all stores in the coming months, Sunday Times reports.<\/p>\n","protected":false},"author":2572,"featured_media":1430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[125,130,93,1702,1704],"class_list":{"0":"post-6272","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bitcoin-payments","9":"tag-lightning","10":"tag-news","11":"tag-pick-n-pay","12":"tag-south-africa"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/handshake-spending-transaction.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/6272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=6272"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/6272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/1430"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=6272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=6272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=6272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}