Binance has become the latest mobile fintech application to integrate South Africa’s CryptoConvert lightning API allowing users to pay for goods at over 1,500 Pick n Pay stores across Africa’s largest economy.
Exciting news! 🥳
Binance Pay, in partnership with CryptoConvert, is now accepted at Pick n Pay for your grocery shopping. Transition into the future, hassle-free!
Find out more⬇️https://t.co/9AEqgtzHSV pic.twitter.com/yljbrHwiLu
— Binance Africa (@BinanceAfrica) November 28, 2023
CryptoConvert initially collaborated with Pick n Pay in 2022 to trial crypto payments at select stores but since February 2023, the initiative has expanded, and over 1,500 Pick n Pay stores now accept payments through cryptocurrencies.
Already, CryptoConvert is in partnership with South African exchanges, Luno and VALR. This collaboration enables customers of Luno and VALR to use cryptocurrencies for payments at Pick n Pay.
“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 facilitate payments via Binance Pay at Pick n Pay, users need to download and install the CryptoQR app on their smartphones. Additionally, they must link their Binance wallet to the app to enable seamless transactions at Pick n Pay.
To complete your payment for items, you should use the contactless QR option, usually identified as option two on payment terminals. Subsequently, you can scan the QR code using your CryptoQR app to initiate the payment process.
“CryptoQR will scan the QR code and open your Binance wallet for you to complete the payment,” Binance said.
“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.”
According to Binance Southern Africa General Manager, Hannes Wessels, nearly 75% of retailers have intentions to accept cryptocurrency payments within the upcoming two years.
Wessels highlighted that Binance Pay underwent meticulous design and evaluation processes led by some of the world’s leading security experts, ensuring a highly secure transaction process. Despite this, he cautioned customers to exercise the same level of care when using Binance Pay as they would with their Internet banking app.
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