Customers can now pay for groceries, airtime, electricity or municpal bills with Bitcoin at Pick n Pay can now do so through the VALR and Luno platforms.
Getty Images / Artyom Geodakyan
- Pick n Pay will now accept Bitcoin payments made through VALR and Luno.
- The retailer started accepting crypto payments at its more than 1 500 stores earlier this year.
- VALR and Luno are two of the biggest crypto asset providers in South Africa.
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Customers who want to pay for groceries, municipal bills, electricity, airtime, or anything else at Pick n Pay by using Bitcoin can now do so through the Luno or VALR app by scanning a QR code.
This will simplify the process of paying for goods at the store using Bitcoin as previously two apps were required to make a transaction.
Last year, Pick n Pay said it was planning on accepting Bitcoin payments in all its stores following a successful trial run of the payment method.
Since February 2023, crypto payments have been available at more than 1 500 Pick n Pay stores.
READ NOW | Pick n Pay says you can now pay with Bitcoin at 39 stores – and all tills will take it soon
Now two of the biggest cryptocurrency firms in South Africa, Luno and VALR, have partnered with CryptoConvert to facilitate Bitcoin payments at Pick n Pay directly through their applications.
CryptoConvert provided some of the underlying technology that has made QR code payments through Luno and VALR possible.
“To make it quick and easy, Luno customers will simply open their Luno app and scan a QR code at the till to pay in Bitcoin,” said Christo de Wit, Luno’s country manager for South Africa.
VALR CEO Farzam Ehsani added when the company launched VALR Pay, its vision was to create free fast and easy payments and to facilitate these payments at merchants.
“The acceptance of VALR Pay at over 1 500 Pick n Pay stores across South Africa brings this vision to fruition,” said Ehsani.
De Wit added the payment method would be available at tills in a week, but a test had already been completed.
The first Bitcoin payment made through Luno was a box of Ouma Rusks.
Regulation
Last year, the Financial Sector Conduct Authority declared crypto assets were financial assets in South Africa.
This means cryptocurrencies now enjoy the same level of protection afforded to those putting their money in unit trusts, retirement funds, and other investment products.
READ MORE | Crypto will now be regulated in SA – with fines or jail time for offenders
De Wit said this allowed for a greater adoption of crypto in South Africa.
“The declaration of cryptocurrency as a financial product by the Financial Sector Conduct Authority paves the way for greater adoption in South Africa.
“Pick n Pay is to be applauded for being an early adopter merchant and getting to grips with cryptocurrencies,” he added.
Cryptocurrency has become popular in recent years.
Hundreds of billions of rand of cryptocurrency have been traded on Luno alone, R4 billion worth of deposits have been recorded on Revix, another crypto provider and Binance’s membership in South Africa has grown rapidly.
READ MORE | SA’s crypto craze: Hundreds of billions of rands worth of digital currency have been traded
Some people invest in cryptocurrencies such as Bitcoin as a speculative investment with the anticipation of future price increases, while others believe in the fundamental value proposition of crypto as an alternative to standard fiat currencies.
