A flash adoption in South Af – Thing promised, thing due… In South Africa ! In November 2022, first experiments had already brought Bitcoin (BTC) in a small forty Pick-n-Pay shops. From now on, and as announced then, these are the most 1,620 stores of this grocery/retail chain that welcome payments with the Lightning Network of Bitcoin.
From 39 to 1628 points of sale accepting Bitcoin in 3 months
Adoption of cryptocurrency payments has kicked into high gear in South Africa. Indeed, a pilot test phase went so well at the end of 2022, that the settlements in cryptos were spread in all shops Pick-n-Pay very common in the country.
Starting from a successful experimentation on 39 sites just 3 months ago, the adoption of bitcoin payments has now grown nationwide. These are so 1,628 Pick-n-Pay which are served. It is the blockchain company that offers this service, CryptoConvertwho announced the good new on his Twitter account:
“(…) CryptoQR is now active in all Pick-n-Pay stores in South Africa, including PnP express stores and clothing stores! You can also buy telephone communications packages (Airtime), electricity, plane and bus tickets, and pay your municipal bills with Bitcoin. »
>> To invest in cryptos and stocks, register with Trade Republic. Receive a bonus of 20 € in shares (sponsored link) <<
Small everyday transactions thanks to the Lightning Network
As the name of the service (CryptoQR) implies, payments are made using a QR code. The latter is displayed by the payment terminal, the same as that of bank cards, in order to be scanned via a wallet compatible with the Lightning Network of Bitcoin. The process, very simple, is visible in the video below, carried out precisely in a Pick-n-Pay.
Remember that the Lightning Network is a second layer network (layer 2) which allows almost free and instant payments, instead of the 10 minute delay on the BTC mainnet. Perfect for buying toilet paper (as below) or any other daily errand.
CryptoConvert and cryptocurrency payments have been well helped by a clear regulations on digital assets in South Africa. Indeed, since October 2022, Bitcoin and cryptos have a official status of financial products. This changes the situation to Francewhere the multiple procrastination of legislators creates a uncertainty deleterious for crypto-actors operating in France, in particular because of a heavy threat of a PSAN approval requirement – so far totally impossible to obtain.
Do you fear the decisions of central banks? Stock up on Bitcoin before the regulatory ax falls. Join Trade Republic now. You will receive a bonus of €20 in shares (commercial link).