South African grocery chain Pick nPay to accept Bitcoin

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South African grocery chain Pick nPay to accept Bitcoin

One of South Africa's largest grocery chain, Pick n Pay, will accept Bitcoin from its customers for the purchase of goods in all its stores.

's recent announcement paves the way for cryptocurrency as a mainstream payment method,' said pick n pay.

The Financial Sector Conduct Authority, a market regulatory body in South Africa, has recently announced that cryptocurrencies can be utilized for payments after it declared them as a financial product in the country on the southernmost tip of the African continent.

Pick n Pay's CEO adds: 'Pick n Pay'

In the upcoming months, Pick n Pay will integration Bitcoin payments across all stores and said that it has tested a payment service technology that allows consumers to buy groceries with cryptocurrency at all cash desks via a wallet that supports Lightning Network, including BlueWallet and Muun.

The Lightning Network is a layer 2 on the Bitcoin base network, which speeds up transactions by manifolds and enhances the scalability of the network. The base network is very slow, processing up to five transactions per second.