Pick n Pay customers collectively spent a monthly average of R1.4 million in crypto-currency over the past 12 months, across its retail stores nationwide.
According to the retail giant, Bitcoin payments are following mainstream retail trends, as more crypto holders are now using their Bitcoin for everyday purchases rather than just holding it as an investment.
The retailer says it has witnessed growing Bitcoin spend in clothing, data, airtime, fuel and express, with an average transaction value of around R422.
After completing a pilot that allowed customers to pay using crypto-currency on their smartphones via an app, Pick n Pay officially introduced the digital currency payments in February 2023, across its stores.
Deven Moodley, Pick n Pay executive head: VAS, FS and mobile, says monthly volumes have grown by over 44% since March, with an uptick in Q3 (August to October), aligning with seasonal retail behaviour, rather than crypto price volatility.
“Over 1 600 customers were recorded using Bitcoin at Pick n Pay tills last month,” notes Moodley.
“The majority fall between the 25 to 44 age range, representing digitally confident, working consumers. Interestingly, over 30% of customers are above 45 years old, signalling trust and mainstream adoption.
“Spending is concentrated in supermarket and hypermarket formats (over 40% of total value), with growing presence in clothing and BP Express outlets. Customers primarily use Bitcoin forgrocery, airtime, travel and everyday value-added services, demonstrating thatcrypto is now a functional tender type within South African retail.”
To pay with crypto-currency, customers need a Bitcoin Lightning, or Binance wallet, and the CryptoQR app from Money Badger, or they can scan the QR code directly through their VALR or Luno apps. Customers can pay with any crypto-currencies supported by Luno, VALR or Binance.
Supermarkets dominate with 79% of Bitcoin sales, followed by hypermarkets (15%), and growing traction in the clothing and convenience divisions.
In terms of regional adoption, the Western Cape leads Bitcoin spend with nearly 29% of national value, followed by Gauteng (21%) and Eastern Cape (13%). This suggests a healthy diffusion from early-adopter metros to broader provinces, according to Moodley.
Crypto-currency exchanges Luno and Binance recently announced the integration of service providers into their payment platforms, which allows thousands of South African merchants to accept crypto payments.
South African Bitcoin and crypto payments solution provider MoneyBadgerintegrates with local exchanges Binance, Luno, VALR and AltCoinTrader wallets, to allow consumers to pay with crypto at local retailers, including at Pick n Pay.
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