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Bitcoin's popularity is rising, with many holders exploring spending options. In South Africa, PickNPay now accepts Bitcoin payments via Moneybadger's CryptoQR technology. Blink has enhanced the payment experience by allowing direct QR code scanning from the wallet.
Interest in Bitcoin has been growing over the years, and so has its price. Just look at the latest cycle: it soared from below $16k in 2022 to nearly $110k in 2024. This surge has significantly increased the purchasing power of Bitcoin holders. With this new wealth, many are wondering how to spend it. Some individuals are even adopting a Bitcoin standard, receiving their salaries and payments in Bitcoin. For both types of bitcoiners, the case of spending is becoming increasingly appealing, especially with technologies like the Lightning Network and tools like Blink.
When it comes to spending, the mind often jumps to traditional expenses like groceries. But is it simple to buy groceries with Bitcoin? Fortunately, there are several options available, such as purchasing supermarket gift cards with Bitcoin or paying directly at the till. A notable example can be found in South Africa, where you can buy your groceries with Bitcoin—just a straightforward Lightning transaction from your wallet to the register. Let me introduce you to this exciting case on the African continent, where spending Bitcoin on everyday essentials is a hassle-free experience.
PickNPay is a retail business with over 1,600 stores across South Africa, making it a convenience store for South Africans. Not only they have a big cluster of stores, but also they are the first major retailer in Africa to enable crypto payments directly at the till.
This is thanks to Moneybadger, a company dedicated to making Bitcoin payments safe and easy, whether online or in physical stores. Specifically, Moneybadger offers a CryptoQR product that enables both physical and online retailers to accept Bitcoin seamlessly at their point of sale. The best part? There's no need for extensive education on Bitcoin; the cash register simply needs to recognize that users are paying with a QR code, and then the magic happens. This is particularly beneficial for Bitcoin Lightning users, like those at Blink, who want to pay with Bitcoin without having to rely on fiat rails.
The question of whether Bitcoin can function as a medium of exchange is a topic of ongoing debate. Many people are skeptical, mainly due to Bitcoin's scalability issues and its common perception as a store of value. However, solutions like Layer 2 (L2) technologies, such as the Lightning Network, are working to address these scalability concerns.
In the context of South Africa, data from Triple A shows that 12.4% of the population owns cryptocurrency, and 66% of those individuals are interested in spending it. This suggests that South Africa could be a suitable market for bitcoin payment integrations.
As for actual usage, Moneybadger reports that from July to September 2024, 79% of transaction proceeds were made in Bitcoin through the Lightning Network. Additionally, the Breez Bitcoin Payments Report highlights that PickNPay experienced a remarkable 285% increase in the average monthly customers using Bitcoin for payments between 2023 and 2024.
Quote From Carel van Wyk, founder and CEO of MoneyBadger
“Lightning payments are currently the fastest payment method at the till, comparable to ‘tap-to-pay’ card payments, with lower fees than credit or debit cards.” He added that there are customers who “prefer shopping at Pick n Pay because they can now pay with bitcoin.”
This indicates that there is a significant interest among South Africans in using Bitcoin for daily transactions.
With the CryptoQR payment option, customers needed to use a secondary app to complete the purchase. However, Blink has improved this experience through a new integration. Now, users can scan the QR code directly from their Blink wallet, which simplifies the payment process significantly.
Instead of navigating through a second app and selecting Bitcoin manually, the wallet can interpret the scanned QR code as a Lightning Invoice. This means that the payment can be processed instantly and seamlessly, enhancing the overall user experience.
Read more about this integration on this thread.
Paying with Bitcoin is now a reality in numerous locations. Check out the Blink map to find merchants near you, or explore btcmap for more options. Plus, you can take advantage of lightning-to-fiat solutions that enable you to make payments even in places that aren't familiar with Bitcoin. Check out our off-ramp page where you can find these tools all around the world.
Thinking about accepting Bitcoin in your business? The Blink POS offers an easy setup and is ideal for any type of store. Additionally, the Blink API now integrates smoothly with WooCommerce, making it even more convenient.
