Pick n Pay Double Take? The Supermarket Chain Isn’t Accepting Bitcoin, It Tested It

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SouthAfrica’s second-largest supermarket chain tested bitcoin payments previously this year– however it does not prepare to present the alternative to its shops anytime quickly, inning accordance with its CEO.

Pickn Pay, which runs in a variety of African nations in addition to South Africa, piloted a payment system in collaboration with start-ups Electrum andLuno That effort was restricted to a personnel snack bar, CEO Richard van Rensburg informed BusinessDay in an interview, and is not active.

Asfor when the supermarket chain may broaden the alternative to a real store, van Rensburg demurred, indicating a tough regulative environment as the origin for doubt.

Heinformed the publication:

“We don’t expect that in the near term accepting bitcoin will unlock any significant new business and we are unlikely to roll out the solution until the payments industry and regulatory authorities have established a framework for managing the risks associated with cryptocurrencies.”

Thatstated, van Rensburg struck a favorable note about the trial itself and the prospective advantages to supermarket operators like Pick n Pay.

“We have proved to ourselves, though, that it is technically possible to roll out a solution very quickly,”he included.

Newsthat Pick n Pay was even thinking about a bitcoin payment alternative spread previously today, resulting in incorrect reports that the supermarket chain was presenting a fully-fledged payment alternative. The business verified to tech blog site MyBroadband that that it wasn’t accepting bitcoin at any of its shops.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake inLuno

Imagethrough Shutterstock

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