Pick n Pay supermarket in South Africa in on the verge of trying out another mode of payment. Currently, customers are given a chance to use Bitcoin in their payments on things like groceries and services in Cape Town. The move is the first one in the world by any Supermarket. The service is still at its piloting stage.
Technology firm Electrum is responsible for the piloting of the test and has convinced the supermarket to accept the use of Bitcoin. A statement released by Electrum said that the checkpoint only requires the screening of a QR code using Bitcoin wallet app on the customer’s smartphone. Luno is an example of the Bitcoin wallet used to complete the transaction. Electrum played the role of providing the cloud-based enterprise payment used for transactions. On the other hand, Luno was responsible for the putting up of Bitcoin infrastructure.
The innovation is important in that it shows the Pick n Pay supermarkets’ commitment to playing an important role in the county’s technological innovation according to Jason Peisl, information systems executive at the supermarket. To deliver on the company’s main agenda on encouraging change and encouraging technology developments, the supermarket works with same minded technological companies to attain their aim. The use of cryptocurrency as a mode of payments is still a new service, and the supermarket has shown its ability to accept changes and move with the current trends.
The first piloting was successful to the supermarket’s head office canteen according to Richard van Rensburg, deputy CEO of Pick n Pay. However, the rolling out of the payment method posed a challenge until a regulatory framework was put in place. The company is not planning to roll out the payment mode until there is a good framework established by regulatory authorities and payment industry. The success has just but offered hope to the company that the process can work out when every process is done.