Pick n Pay is currently piloting an innovative project to enable accepting cryptocurrency payments at selected stores. The company is built on a desire to make life better for its customers and to make a positive contribution to the communities in which South Africans live and work. As South Africa’s most trusted retailer, they have worked for 55 years to meet the changing needs and aspirations of their customers, with this initiative clearly tying into their mission of serving consumers.
This ground-breaking implementation of technology that provides an alternative payment option that is safe, fast, and affordable is a perfect example of how Pick n Pay continues to innovate to better serve its customers.
“This new technology means we can provide an affordable service for high-volume, low-value transactions that will promote financial inclusion in South Africa” - Chris Shortt, Group Executive – Information and Technology (CITO) at Pick n Pay.
As the first retailer in South Africa to prove the concept of paying by cryptocurrency, Pick n Pay successfully piloted accepting Bitcoin as a form of tender in 2017. The project was live for a limited time, and although the programme was a success, high costs meant that it was not viable in the long run.
Now, Pick n Pay is again empowering customers to buy groceries with cryptocurrency at till points in selected stores. Partnering with Electrum and CryptoConvert, this industry-leading project is now making use of the Bitcoin Lightning payment technology to provide consumers with more ways to pay. The Lightning network is a scaling solution that is used to establish fast Bitcoin payment channels, meaning that transactions can take place far more efficiently than conventional Bitcoin transactions. Leveraging Lightning transactions means that cryptocurrency payments can be processed much faster than previously, at more affordable rates. Customers can pay for their baskets at till points with any Lightning-enabled app - such as BlueWallet or Muun - simply by scanning a QR code from their smartphone.
Electrum’s Payment Platform connects CryptoConvert and Pick n Pay, letting customers pay with Bitcoin Lightning at the till point. Dave Glass, CEO of Electrum, says that “as a key technology provider, Electrum has a long history of partnering with Pick n Pay to bring innovative solutions to South Africans.”
“Electrum is on a mission to open up alternative payments for our customers and is thrilled to be helping Pick n Pay to operate in this exciting world of cryptocurrency payments.”
With Electrum’s Platform already integrated with Pick n Pay, implementing this pilot was quick. One of the main factors contributing to this success was that Electrum’s versatile API meant no changes were required for the point-of-sale (POS) system when it came to processing cryptocurrency transactions.
The Lightning network node for this project is provided by CryptoConvert, allowing merchants to accept crypto payments without needing to worry about the tech or volatility of the cryptocurrency market. Their vision is a world with borderless networks of information and value transfer, powered by an internet-native currency.
Watch this short video to see how easy it is to pay with crypto at Pick n Pay.
