Swiss grocery chain SPAR is starting to accept cryptocurrency payments in over 100 of its locations, representing a significant move towards digital payments in retail.
Introduction of Cryptocurrency Payments in Retail
SPAR has begun to roll out a cryptocurrency payment system in partnership with Bitcoin infrastructure providers such as Binance Pay and dfx.swiss. The system is expected to be operational in over 300 stores across the country in the coming months.
Benefits for Customers and Merchants
According to André Scherrer, Managing Director SPAR Switzerland, utilizing cryptocurrency payment solutions can reduce transaction fees by about two-thirds compared to traditional card payments. Customers will be able to smoothly use their digital assets for purchases while merchants will benefit from reduced costs.
Overview of the Payment System
The payment process involves scanning a QR code using the Binance Pay app. Customers can pay using various cryptocurrencies, including stablecoins, with transactions executed instantly. The system converts the payment into Swiss francs or other fiat currencies, simplifying the settlement for the merchant.
The introduction of cryptocurrency payments in major retailers like SPAR positions Switzerland at the forefront of digital asset usage in everyday life, offering new opportunities for consumers and businesses.
