CryptoConvert has added support for crypto payments at Pick n Pay using digital currency stored in Binance wallets.
The addition of Binance — the world’s biggest cryptocurrency exchange by trading volume — comes after South African exchanges Luno and VALR partnered with CryptoConvert in September 2023 to allow their customers to pay for their Pick n Pay purchases.
CryptoConvert first partnered with Pick n Pay last year to trial crypto payments. As of February this year, over 1,500 Pick n Pay stores accept crypto payments.
Binance said it was “over the Moon” to announce its partnership with CryptoConvert, which will enable its customers to make secure, cashless, and contactless payments at all Pick n Pay till points.
Binance said although it was not the first to announce this partnership, the move was still a stellar announcement for its users.
“Binance firmly believes that when it comes to partnerships, it’s better to arrive fashionably late than to never show up at all,” the exchange said.
To make payments via Binance Pay at Pick n Pay, users must download and install the CryptoQR app on their smartphone and link their Binance wallet.
To pay for your items, you must use the contactless QR option, typically option two on payment terminals. You can then scan the QR code with your CryptoQR app to pay.
“CryptoQR will scan the QR code and open your Binance wallet for you to complete the payment,” Binance said.
More retailers planning to accept crypto payments
Binance said the strategic partnership signalled a “significant stride” toward cryptocurrency adoption.
“As one of the largest exchanges by volume and the first major crypto exchange to offer the option of buying groceries with cryptocurrency [outside of South Africa], this move will not only restore trust in the industry but also pave the way for long-term growth,” Binance said.
CryptoConvert’s Carel van Wyk said the partnership would ensure swift and efficient transactions within seconds.
Binance Southern Africa general manager Hannes Wessels said the partnership exemplified the “rapidly growing trend” towards adopting cryptocurrency as a mainstream payment method.
According to Wessels, nearly 75% of retailers plan to accept cryptocurrency payments within the next two years.
Wessels added that Binance Pay was designed and evaluated by some of the foremost leading global security experts to ensure a highly secure transaction process.
However, he cautioned that customers exercise the same care when using Binance Pay as they would with their Internet banking app.
To safeguard your Binance Pay funds, it’s essential to exercise the same caution as you would with your Internet banking app.