Pick and Pay accepts Bitcoin

Past few days have not been so great for the cryptocurrency market as investors are gripped with a bit of worry and fear. The cryptocurrency markets witnessed a major correction owing to two main reasons: first is the negative statement by Wall Street’s one of the most powerful men and JP Morgan boss – Jamie Dimon on Bitcoin, and other because of Chinese regulatory bodies cracking-the-whip on its local cryptocurrency exchanges.

However, it seems that the optimism regarding Bitcoins and other cryptocurrencies is still persistent in other markets of the world. One of the largest retail stores ‘Pick and Pay’ in Cape Town has started accepting Bitcoins as a mode of payment for a limited time. Backers have confirmed that this is “potentially a world first for a major grocery retailer”, wherein purchasers will be able to pay for their groceries through Bitcoins for a “limited time”.

Also Read: Russia’s largest Online Retailer planning to accept Bitcoins

A specialist software payments development house in Cape Town says in a statement The checkout process is as simple as scanning a QR code using a bitcoin wallet app on the customer’s smartphone.” It further adds the fact that cryptocurrencies are relatively new payment concepts and Pick and Pay has taken the initiative to accept them as paymenteffectively demonstrating how we are able to accept such alternative payments”. s by

Luna, a prominent Bitcoin company in Africa and Southeast Asia has provided the necessary Bitcoin infrastructure for this project. However, the cloud-based enterprise platforms for payments has been developed by Electrum.

Electrum says on its website that its cloud-based payments services are being used by many of the major financial institutions and retailers. As a result, they have established their reputation to process loyalty transactions and provide its customers with new value-added services.

This is certainly a great development ahead in making FinTech more mainstream. Many financial analysts have predicted that in future, cryptocurrencies are going to the change the way we transact our money. This first-of-its-kind adoption is surely a testimony to it.

Also Read: European retailer starts accepting Bitcoins in form of payments

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