Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments

Best Owie

Last Updated: June 11, 2024 2:09 pm

3 mins read

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Bitcoin has spread its wings far and wide and no nation has been left out. All around the globe, there is bitcoin adoption going on, both as a payment method as well as an investment option. The latest company to implement bitcoin as a method is Croatian supermarket giant, Konzum. The move was announced on Wednesday as part of the chain’s mission to drive crypto payment adoption across its stores.

Pay For Groceries With Bitcoin

In the announcement, Konzum states that customers are now able to pay across its stores with bitcoin. Purchases for things like groceries, hygiene and household supplies, among other products can be checked out from the Konzum online stores that currently carry more than 12,000 items.

The retail chain is the largest by far in Croatia. There are over 700 Konzum stores in the nation with over 10,000 employees across the chain. Konzum is basically the Walmart of Croatia as its retail outlets are located throughout the country. The chain also expands to Serbia and Bosnia and Herzegovina, serving over 650,000 customers each day.

For now, Konzum customers can only pay with Bitcoin and other cryptocurrencies in its online stores. However, the supermarket chain plans to roll out crypto payments across all of its stores. This move is the first of its kind in Croatia, making Konzum the first and only retail chain in the country to accept crypto payments.

“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.” – Uros Kalinic, member of Konzum’s Management Board for Finance and IT

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A Faster And Easier Way To Pay

Konzum which plans to implement crypto payments in its physical stores said that crypto payments are a simple way to pay. It likened the payment process to card payments which are a fast and efficient way to pay for everyday items. Customers will be able to choose Bitcoin and other cryptocurrencies as a payment method when they proceed to checkout on the online store.

Konzum will use the PayCek system to account for the highly volatile nature of cryptocurrencies. Although exchange rates may change in a short time, PayCek will place a fixed exchange rate at the time of checkout with adequate time to carry out the transaction at the rate displayed.

Currently, Konzum’s online store will accept nine cryptocurrencies. These include Bitcoin, Ethereum, Bitcoin Cash, USDC, USDT, EOS DAI, Ripple, and Stellar Lumen.

Kalinic also added that Konzum plans to continue its commitment towards the development of innovative technology.

Featured image from CloudSavvy IT, chart from TradingView.com

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