CASHLESS CULTURE: Pick n Pay Customers Splurge on Crypto-Backed Groceries, Spending R1-Million/Month
In a shocking revelation, Pick n Pay customers have been revealed to be buying more than R1-million worth of groceries every month using cryptocurrencies. This explosive growth has left experts scratching their heads, wondering if South Africans are finally abandoning traditional cash and embracing a cashless culture.
The Rise of Crypto Payments
According to a new report by Luno, a crypto trading and investment platform, the average monthly spend on crypto payments has skyrocketed from R25,000 to over R1-million in just a year. This staggering figure suggests that South Africans are no longer just viewing cryptocurrencies as a means of investment, but as a legitimate form of payment.
The Numbers Don’t Lie
Luno has processed over R3-million worth of crypto payments since its Luno Pay feature was launched in September 2023. The average basket size for purchases on Luno Pay is a whopping R370, with the largest transaction to date being a whopping R10,000.
Bitcoin Leads the Charge
Bitcoin remains the most popular cryptocurrency used for payments, and unsurprisingly, it’s also the most popular crypto investment on Luno’s platform. But what’s behind this surge in crypto adoption? Experts point to the growing desire for convenience and the ease of use that crypto payments offer.
A New Era of Payments
Money Badger’s Carel van Wyk believes that the use cases for crypto payments are growing, but they’re still on the fringes of the traditional financial system. He envisions a future where crypto payments become mainstream, and people can use their cryptocurrencies to make everyday purchases without having to convert them to fiat currency.
SnapScan 2.0?
Van Wyk compares crypto payments apps to SnapScan or Apple Pay, but with a crucial difference: they’re built on a decentralized foundation. He wants to make it easy for people to use their crypto and create a market of merchants that accept it.
The Future of Payments is Here
As the global crypto payment market is set to triple by 2030, it’s clear that the writing is on the wall. Cryptocurrencies are no longer just a passing fad, but a legitimate form of payment that’s here to stay. So, will you be joining the cashless revolution?
