Pick n Pay Adds Crypto Payment Options at 39 Stores Across SA, Citizens Welcome Implementation

• Customers who frequent Pick n Pay will now be able to use cryptocurrency to purchase groceries at till points at 39 stores
• The implementation follows the Financial Sector Conduct Authority’s (FSCA) decision to allow cryptocurrency as a conventional payment method
• Through the technology, the retailer can provide affordable service that will promote financial inclusion in the country

JOHANNESBURG - Pick n Pay customers can now use cryptocurrency to purchase groceries at till points. The Bitcoin payment option will be implemented in 39 stores across the country.

The retailer’s chief information officer Chris Shortt said, explained how the payment method will be rolled out. He said the cryptocurrency would be kept in a lightning wallet.

Shortt said consumers would buy Bitcoin or a cryptocurrency and transfer it from their wallet. The consumers can then scan a QR code at the till, which will trigger a conversion from the cryptocurrency into rands, EWN reported.

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The implementation follows the Financial Sector Conduct Authority’s (FSCA) decision to allow cryptocurrency as a conventional payment method. Pick n Pay said cryptocurrency is used by those wanting to pay and exchange money more affordably and conveniently.

Shortt also said that through the technology, the retailer could provide affordable service that will promote financial inclusion in the country. He said Pick n Pay is constantly testing new technology to add customer value.

According to BusinessTech, several stores across the country will use cryptocurrencies, including Langeberg Mall, Paarl Mall, Mall of Africa, The Pavilion, and Fourways Mall.

Netizens delighted by announcement:

@CharlJNaude said:

“Well done Pick n Pay! Setting the pace for the rest to catch up.”

@michellegraysa commented:

“It makes me so happy to see how retailers are starting to adopt Crypto!”

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@BenjiGraham77 wrote:

“The future is here.”

@Mfazobelelide posted:

“Well done PNP.”

@YJonov added:

“It’s about time.”

SARS wants to tax cryptocurrencies, considers moving forward with audits on investors

In a related matter, Briefly News also reported the South African Revenue Services (SARS) has announced that it will like to institute regulations around cryptocurrencies such as Bitcoin. They have published a page called Crypto Assets & Tax online, which informs cryptocurrency owners on how they will be taxed.

The reason behind SARS’s move is that cryptocurrencies are decentralised and therefore unregulated in most countries as governments are not sure how they should be taxed.

The page states that profits which South Africans make from trading cryptocurrencies will be liable to taxation. The profits will be classed as either revenue or capital, depending on the specific case it applies to, BusinessTech reports.

Source: Briefly News