Pick n Pay in South Africa reports a substantial rise in monthly Bitcoin transactions, reaching $54,000 across groceries, data, and bills, up from an initial average of $1,350
Approximately $54,000 (ZAR 1 million) is spent by shoppers at South Africa’s retail giant, Pick n Pay, on groceries, data, and municipal expenses using Bitcoin (BTC).
This figure is in stark contrast to the average of $1,350 per month that was reported when the retailer introduced its crypto payment services.
Crypto transactions are more prevalent at Pick n Pay’s outlets in Gauteng, KwaZulu-Natal, and the Western Cape, according to a report by Global Crypto TV.
In early 2023, Pick n Pay implemented BTC as a payment method at all of its locations, as previously reported by Bitcoin.com News.
Following the Financial Sector Conduct Authority’s (FSCA) declaration of the crypto asset as a financial product, the decision to accept BTC payments was announced.
Deven Moodley, the director of the mobile division, financial services, and value-added services at Pick n Pay, has declared that crypto payments are a critical component of the retailer’s Ways2Pay strategy.
The objective of this strategy is to provide a diverse selection of payment methods in their establishments.
“For years, crypto was something only computer boffins knew about, but Pick n Pay has paved the way for our shoppers to be early adopters in using their digital currency as a method of everyday payment,”
Moodley said.
The Bitcoin payment option is consistent with the retailer’s overarching goal of reducing cash dependency and bridging the financial exclusion divide.
Meanwhile, Carel van Wyk, the founder of Money Badger, which has facilitated the implementation of crypto payments for Pick n Pay, argues that the retailer’s rise in crypto transactions is partially due to the transition from its perception as a speculative asset to its recognition as a digital currency.
