Key Takeaways:
- Konzum Croatia’s Biggest Supermarket Chain Accepts Cryptocurrency.
- Supported cryptocurrencies include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), EOS, Dai (DAI), XRP, Stellar (XLM), and stablecoins such as Tether (USDT) and USD Coin (USDC).
- Konzum collaborated with a local crypto payment processor, Electrocoin, to build PayCek.
Konzum, Croatia’s largest supermarket chain, is keeping up with the times by accepting cryptocurrency payments such as Bitcoin (BTC). On December 1, the company officially announced that it now accepts nine cryptocurrencies for payment in its online store. This will allow customers to use cryptocurrency to buy groceries, hygiene products, and home necessities.
According to the release, supported cryptocurrencies include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), EOS, Dai (DAI), XRP, Stellar (XLM), and stablecoins such as Tether (USDT) and USD Coin (USDC).
Konzum collaborated with a local crypto payment processor, Electrocoin, to enable the new crypto payment option to build PayCek, a system that allows retailers to accept crypto payments.
Given the extreme volatility of cryptocurrency prices, the PayCek method guarantees customers a fixed exchange rate at the start of the transaction, allowing enough time for proper execution.
According to Uros Kalinic, Konzum board member for finance and IT,
“The introduction of cryptocurrency payments is another indication that Konzum is constantly following world trends, innovating and setting the standard in the retail sector. As the largest retail chain in Croatia, which in its history of almost 65 years has been a continuous leader in the domestic market both in terms of business results and technological achievements, we are proud to be at the forefront in another rapidly growing area developing and dictating the future. We continue to invest in the development of innovations and technologies to remain the first choice for our customers, and as a next-generation retail chain provide a premium shopping experience”.
Konzum’s online store currently offers over 12,000 products. The company employs over 10,000 people and operates over 700 stores in Croatia. Konzum is presently Croatia’s first retail chain to accept cryptocurrency payments. As a result, customers who own cryptocurrencies will be the first Croatians to pay for supermarket supplies directly from their digital wallets.
Konzum even explained the process of paying with cryptocurrency. It is simple and quite similar to card payment. Here’s how it works:
Customers will first identify and select the product they require (via the app). The app will then present them with many payment options, one of which will be cryptocurrency. Following the selection of the cryptocurrency option, the system will display a list of the supported coins for the transaction. You must first choose your preferred cryptocurrency, after which the app will display an amount in its equivalent while also generating a QR code and payment address. The customer will then scan the QR code using only their cryptocurrency. The buyer will make the payment after the transaction has been confirmed. They will receive a transaction confirmation from PayCek, which will send the confirmation via email. Konzum will then complete the transaction by sending an invoice for the paid service or product.
This latest development is convenient for customers and beneficial to the retail chain’s image. It now gives the supermarket a futuristic appearance, which will undoubtedly impact its competitive advantage. In addition, the retail chain announced that it would soon begin accepting cryptocurrency payments in its physical stores throughout Croatia.
