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Cryptocurrencies are gaining traction world-wide and are currently being investigated by financial regulators very seriously, especially as an option for future investment and lending strategies. South Africa’s Pick ‘n Pay stores are also acknowledging this new trend and are the first chain store in our country to announce that they have been “toying” with the idea.
The grocery store has announced that while they are planning on introducing this payment method in future, they are still currently researching it as an option and are waiting for a set framework to be formed for crypto currencies which will manage any risks involved in handling the transfers.
The bitcoin payment system has only been piloted at the chain's Cape Town store and has only been tested by the staff to-date. The system, in its infancy, is said to work similarly to already launched Snapscan and Zapper applications, using QR codes to pay for items.
"Bitcoin transaction fees are significantly less and if we take the example of PayFast, one of SA’s payment processing companies, they charge their merchants a 1.9% transaction fee as compared to 3.5% for debit and credit cards payments. " - www.businesslive.co.za
While it’s still very early days, the fact that South African retailers are already showing interest in crypto transactions is a positive sign moving forward and we have high hopes that it will have a promising effect on our economy in the future, and in our pockets too!