Despite the ongoing bear market, one of the largest African retail stores has just accepted Bitcoin payments. Bitcoin’s price is down by approximately 70% from its peak, but that doesn’t stop merchants or huge asset managers from adopting cryptocurrencies. This time, it’s Pick n Pay.
Pick n Pay accepts Bitcoin
One of the biggest merchants in South Africa, Pick n Pay, has begun accepting Bitcoin payments in its stores. The store expanded a test program that started with 10 locations five months ago, to 39 overall.
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In the upcoming months, Pick n Pay said it intends to make the payment option available at all of its locations. It’s important to note that the company has almost 2,000 locations that could potentially adopt Bitcoin payments as well.
Customers can now use Lightning wallets to make even the smallest payments through Pick n Pay’s BTC-enabled payment gateway. This will allow the transfer of even the tiniest payments possible.
— Documenting Bitcoin 📄 (@DocumentingBTC) November 2, 2022
Lightning Network uses a minimum of transaction costs while guaranteeing quick payments, as was widely demonstrated by El Salvador’s adoption of Bitcoin last year. Reportedly, the payment is as easy and safe as a regular payment with a credit or debit card.
Pick n Pay charges a small fee for the possibility of a payment in crypto. The cost is about four cents from a US dollar. For now, mainly crypto enthusiasts and under-served people by the traditional banking system will be keen on using this payment method.
Pick n Pay accepting Bitcoin payments is just one piece of the puzzle as worldwide adoption continues to increase regularly. If this trend of acceptance continues, it could support another notable bull run in a year or two.