CryptoQR payments roll out to all 1,500 Pick n Pay stores in South Africa

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Pick n Pay rolls out Bitcoin payments to 1,500 stores

CryptoConvert has announced that its CryptoQR platform is now active at all Pick n Pay stores around South Africa, allowing shoppers to pay with Bitcoin using the Lightning network.

The rollout includes PnP Express and Pick n Pay Clothing. Shoppers can also buy airtime, electricity, flight and bus tickets, and pay municipal bills with Bitcoin at the till.
 
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SARS will be licking it's lips for all those undeclared CGT transactions...
 
As far as I am aware, my debit card charges nothing at pnp anyways, not to mention that some banks would let you earn points like ebucks at checkers using fnb card, maybe it's just me, but I am failing to see an advantage to adapt this bitcoin payment method.
 
kota said:
As far as I am aware, my debit card charges nothing at pnp anyways, not to mention that some banks would let you earn points like ebucks at checkers using fnb card, maybe it's just me, but I am failing to see an advantage to adapt this bitcoin payment method.
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You might not pay a fee, but retailers like PnP lose 1-3% of your transaction value in card processing fees. With this solution, they most likely pay a fraction of that, so maybe they can offer you some reward scheme in future.

The picture changes drastically when you look at it from their angle.
 
kota said:
As far as I am aware, my debit card charges nothing at pnp anyways, not to mention that some banks would let you earn points like ebucks at checkers using fnb card, maybe it's just me, but I am failing to see an advantage to adapt this bitcoin payment method.
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Some people get paid in bitcoin. I will let the implications sink in. Lots of advantages to being able to pay everything in bitcoin, anonymously.
 
Aghori said:
I used to buy recreational pharmaceuticals with ETH and BTC last year. Safe and quick, and insurance option as well.
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That is a fancy way of putting it, Just say you used to buy Meth and coke from your dealer using crypto.
 
Aghori said:
I used to buy recreational pharmaceuticals with ETH and BTC last year. Safe and quick, and insurance option as well.
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giphy.gif
 
epah said:
That is a fancy way of putting it, Just say you used to buy Meth and coke from your dealer using crypto.
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Psh, Meth is for bergies and clutchplates.
 
ajan said:
Someone doesn't understand lightning network privacy.
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cdev said:
If enough people use it, SARS will be forced to adopt a similar policy:

Crypto asset as a personal use asset | Australian Taxation Office

Work out if your crypto asset is a personal use asset and when a personal use crypto asset is exempt from CGT.
www.ato.gov.au www.ato.gov.au
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Be that as it may, the way the law stands at the moment, any disposal of crypto is a reportable CGT event. They really should warn anyone making use of this payment method of the potential tax consequences of choosing to pay with crypto.
 
cdev said:
You might not pay a fee, but retailers like PnP lose 1-3% of your transaction value in card processing fees. With this solution, they most likely pay a fraction of that, so maybe they can offer you some reward scheme in future.

The picture changes drastically when you look at it from their angle.
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Fair point, but since customers generally won't go out of their way to make businesses life easier, I think PNP probably needs to roll out some sort of incentives first to entice mass adaptations, because at this stage, paying with bitcoin doesn't really offer any advantages for the average customers to change their paying habits. Currently it only offers that cool factor for the average consumers and that will eventually fade. Now I wonder how widely this bitcoin payment thing was adapted at their test stores
 
deweyzeph said:
Be that as it may, the way the law stands at the moment, any disposal of crypto is a reportable CGT event. They really should warn anyone making use of this payment method of the potential tax consequences of choosing to pay with crypto.
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Yes, the law stands at the moment and it's up to each individual to comply and be in good standing with SARS.

However, I strongly doubt that they're concerned about Joe Public not declaring a R100 capital gain on their grocery purchases. It's simply not economically viable to enforce so once it becomes significant they'll be forced to adopt some personal use or low-value policy.
 
kota said:
Fair point, but since customers generally won't go out of their way to make businesses life easier, I think PNP probably needs to roll out some sort of incentives first to entice mass adaptations, because at this stage, paying with bitcoin doesn't really offer any advantages for the average customers to change their paying habits. Currently it only offers that cool factor for the average consumers and that will eventually fade. Now I wonder how widely this bitcoin payment thing was adapted at their test stores
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For a retailer like PnP, more payment options = more potential sales. If there's demand for a certain payment method, they'll therefore provide it.

Imagine they removed cash as a payment option, it would instantly exclude a large segment of their customer base and they'd most likely go elsewhere.

If people want to pay with Bitcoin, let them pay with Bitcoin!
 
I tried to pay at Pick n Pay with Bitcoin via CryptoQR a couple of days ago and didn't work. Some error trying to retrieve the lightning invoce.

So it definitely needs some work. It was working the previous time I tried.

It's wonderful that Pick n Pay is embracing tax evasion for those who don't want to declare crypto profits. /S
 
Sensorei said:
I tried to pay at Pick n Pay with Bitcoin via CryptoQR a couple of days ago and didn't work. Some error trying to retrieve the lightning invoce.

So it definitely needs some work. It was working the previous time I tried.

It's wonderful that Pick n Pay is embracing tax evasion for those who don't want to declare crypto profits. /S
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Which Wallet App are you using?
 
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