In possibly what is a world first, South Africa's Pick n Pay (PnP) accepted Bitcoin payments as a payment method at one of its stores for a limited time. This allowed customers at Pick n Pay’s campus store to pay with Bitcoin for their groceries and other Pick n Pay services.
South African FinTech startup, Electrum, provided the cloud-based enterprise payments platform used for the transactions. Electrum has been making great strides having recently been selected to participate in a Gartner Innovation programme.
“We’ve worked closely with PnP for several years as a key technology provider. Our mission is to support innovative enterprises like Pick n Pay, and together we use the advanced Electrum software-as-a-service technology to move quickly on new opportunities, whilst at the same time delivering the best possible shopping experience,“ said Dave Glass, Managing Director at Electrum.
South Africa's PnP has recently been introducing and testing various technologies to make their operations more efficient and the custome experience better. This includes self-service checkout terminals as well as being one of the first retailers in the world to accept the use of a biometric credit card for payment.
“At Pick n Pay one of our key values is to embrace change and encourage innovation and leadership. To deliver on that promise we are constantly working with our technology partners to find ways in which we can deliver valuable, innovative services to our customers. Cryptocurrency and Bitcoin are still relatively new payment concepts, yet we have been able to effectively demonstrate how we are able to accept such alternative payments,“ said Jason Peisl, IS Executive at Pick n Pay.
Another South African FinTech startup, Luno, provided the Bitcoin infrastructure for the project.