CRYPTOCURRENCY

Pick n Pay has completed the first phase of a pilot project that allows customers to pay using cryptocurrency on their smartphones using an app. The Financial Sector Conduct Authority’s recent announcement about crypto assets falling under the definition of financial products has paved the way for progress on this front. Pick n Pay ran the pilot in 10 Western Cape stores over the past five months with pre-selected testers. Shoppers could buy groceries with cryptocurrency at till points with any Bitcoin Lightning-enabled app, such as Bluewallet or Muun. The retailer has now extended the pilot to a further 29 stores for testing with customers, with the intention to roll it out to all stores in the coming months.