Using BTC for everyday purchases

Just months after it started accepting bitcoin payments at select outlets, South African retailer Pick n Pay (PNP) is reportedly now accepting bitcoins at its more than 1,500 stores across the country. According to reports, PNP customers can now buy products, airtime and electricity using the Bitcoin Lightning network.

As Bitcoin.com News reported in November 2022, the South African retail giant's acceptance of bitcoin as a means of payment was made possible by the decision of the Financial Conduct Authority (FSCA) to declare the cryptocurrency a financial product. Prior to this, the PNP said it had experimented with BTC payments in one of its canteens in 2017. Although the experiments were successful, the retailer said the technology was not cost-effective to use at the time.

Reacting to the announcement, South African crypto payment firm Crypto QR welcomed the PNP's move to allow residents to use bitcoins for everyday purchases.

"Good news for everyone! Crypto QR is now live in all Pick-n-Pay stores across South Africa, including PnP express stores and clothing stores! You can also buy airtime and electricity, plane and bus tickets, and pay municipal bills with Bitcoin at the cash register,” Crypto QR tweeted.

Legitimate use of bitcoins in the store

Meanwhile, some Twitter users praised the PNP for the move, which helps those seeking to promote the use and acceptance of Bitcoin as an alternative payment method. One user, Kelly Yanez, said it was the first time she had "seen legitimate use of Bitcoin in person in a public place and store."

However, several other users were quick to highlight the downsides of using cryptocurrency for everyday purchases.
Author: GEximius