Croatia’s largest supermarket brand, Konzum, has announced it will start accepting a limited number of digital currencies for purchasing across its 12,000 product lines made online. As the company revealed, there are ongoing plans to debut the new payment method in its physical stores, adding that the initiative is the first of its kind in the European nation.
Starting from today, Konzum customers can buy their desired products and pay using either one of the nine supported cryptocurrencies including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), EOS, DAI, Ripple (XRP), Stellar Lumen (XLM), Tether (USDT) and USDC.
The modalities of payment are very similar to regular card payments and the entire process is facilitated in cooperation with the domestic fintech company Electrocoin and their PayCek system, the first Croatian payment processor for cryptocurrencies.
“The introduction of cryptocurrency payments is another indicator that Konzum is constantly monitoring global trends, introducing innovations, and setting the standard in the retail sector. As the largest retail chain in Croatia, which in its history of almost 65 years is a continuous leader in the domestic market in terms of business results and technological achievements, we are proud to be leaders in another area that is rapidly developing and dictating the future. We continue to invest in the development of innovations and technologies in order to remain the first choice for our customers and as a retail chain of the new generation to provide a premium shopping experience “, Uroš Kalinić, Member of the Management Board of Konzum for Finance and IT.
Driving the Usability of Crypto Into the Mainstream
The acceptance of digital currencies by Konzum remains one of the prominent ways that the usability of digital currencies can be pushed into the mainstream. With this model of payment, the general public, particularly those new to the cryptocurrency ecosystem can come to realize how revolutionary digital currency payments can be.
Beyond Croatia, global brands including Tesla, the Elon Musk-led Electric Vehicle maker, also back Bitcoin payments. Payment service providers including Paypal and Cash App, and Bakkt also largely support crypto payments in retail settings, a service that makes it easy for merchants around the world to receive digital currency payments from different vendors.
With further uncertainties going on in the world by virtue of the Omicron virus, we may see further persistence of negative interest rates which is likely to fuel the adoption of Bitcoin and crypto more. Having a crucial outlet like supermarket and retail stores will be a perfect win should this scenario play out.