Pick n Pay collaborates with Luno and VALR for streamlined crypto payments

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Pick n Pay collaborates with Luno and VALR for streamlined crypto payments

South African retailer, Pick n Pay (JO: PIKJ ) (JSE:PIK), has enhanced its cryptocurrency payment system through a collaboration with Luno and VALR, two of the country's largest crypto asset providers. This partnership aims to simplify the process of cryptocurrency payments at the store, as customers can now pay via Bitcoin by scanning a QR code through either the Luno or VALR app. This development comes after Pick n Pay started accepting cryptocurrency payments at its over 1,500 stores earlier this year.

Christo de Wit, Luno’s country manager for South Africa, explained that customers would simply open their Luno app and scan a QR code at the till to pay in Bitcoin. De Wit further stated that the in-app QR scanner had been tested by Luno employees and would be available at tills within a week. The first purchase using this method was a box of Ouma rusks.

The new payment method will be available across all Pick n Pay hypermarkets, supermarkets, Express stores, and Pick n Pay Clothing outlets within the next week. Customers can use Bitcoin to pay for groceries, airtime, lights, bus tickets, and municipal bills at the till. Importantly, Luno does not charge its customers a fee to use this service.

The enhancement in crypto payments has been made possible by a collaboration between Luno and CryptoConvert, a company that focuses on making crypto payments safe and simple. CryptoConvert founder Carel van Wyk, who also co-founded Luno, expressed excitement about the partnership with Luno and the growing network of retailers and merchants who accept crypto payments.

Last year, Pick n Pay announced plans to accept Bitcoin payments across all its stores following a successful trial run. This move was facilitated by CryptoConvert providing some of the underlying technology that made QR code payments through Luno and VALR possible.

The Financial Sector Conduct Authority declared cryptocurrencies as financial assets in South Africa last year. "The declaration of cryptocurrency as a financial product by the Financial Sector Conduct Authority paves the way for greater adoption in South Africa," said De Wit. He also commended Pick n Pay for being an early adopter merchant and understanding cryptocurrencies.

The functionality will be available to customers on Android and iOS platforms.

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