Pick N Pay is the second largest supermarket chain in South Africa. At their head office location, they have now started to accept bitcoin payments as a trial. The cryptocurrency technology company which is providing this payments platform is Electrum and Luno is the bitcoin exchange system which is providing the Bitcoin payment infrastructure.
Electrum is the company which has expertise in the cloud based enterprise payments platform used for transactions in bitcoins. This is the first time when the company is providing a bitcoin payment solution to a big grocery store. Pick n Pay was founded in 1967 and this supermarket currently employs more than 80,000 people. The company sells a big merchandise including food, clothing and general merchandise. The group includes more than 1500 stores in all which are located in other countries apart from SA. They are Namibia, Botswana, Mozambique, Mauritius, Lesotho and Swaziland. Currently the trial of accepting Bitcoin payments is only done at the head office store in Cape Town where customers are given the privilege to pay for groceries and other services using the Bitcoin technology.
In South Africa, Bitcoin adoption is growing
Luno revealed some months before that Bitcoin adoption and interest in SA is growing now although 90% of the payments in country are still done in cash. South Africa is ranked fourth in the Google Trends in the list of the countries which have most Bitcoin related searches globally. It is behind Nigeria, Bolivia and Ghana. The most popular search phrase related to this is “Bitcoin- payment System” in SA and this trend is still increasing at a steady rate. Luno is happy to see South Africa thriving in the Bitcoin market and says that thousands of merchants accept this virtual currency as a payment method. They see a lot of prospects for further growth of Bitcoin payments in the country.