Pick n Pay Sees Success with Cryptocurrency Payment System

Summary:
Pick n Pay’s adoption of cryptocurrency payments has proven successful, with monthly transactions reaching R1 million. This makes Pick n Pay the sole major South African retailer to accept Bitcoin, attracting tech-savvy shoppers and modernizing its payment processes. Despite reporting its first annual loss in 57 years, the retailer has seen crypto transactions surge from R25,000 to R1 million monthly, particularly in the Western Cape, Gauteng, and KwaZulu-Natal.
Head of Value-Added Services Deven Moodley credits this success to Pick n Pay’s Ways2Pay strategy, aimed at reducing cash dependency and enhancing financial inclusion. The COVID-19 pandemic has further spurred demand for contactless payments, and the Financial Sector Conduct Authority’s 2022 designation of cryptoassets as financial products facilitated Pick n Pay’s move.
Carel van Wyk of Money Badger helped integrate these crypto payment solutions, noting a shift towards using cryptocurrency for everyday transactions. With nearly 10% of South Africans owning cryptoassets, Pick n Pay’s initiative aligns with global trends and strengthens its position in financial innovation.