IGA, a network of independent retailers that run more than 1,400 stores in Australia has begun accepting bitcoin (BTC). This makes the supermarket chain the most recent retail firm to add BTC as a payment method. A report unveiled this news noting that the group would also accept payments in other leading crypto coins.
According to the report, IGA teamed up with TravelbyBit in this initiative. Caleb Yeoh, the CEO of TravelbyBit facilitated this partnership. He noted that he worked with the IGA X-press Bowen Hills operator to add TravelbyBit’s POS system in each IGA store. He added that apart from BTC, IGA stores would accept payments in ETH, LTC, BNB.
In the report, Yeoh said,
Regardless of whether I’m buying eggs, milk, fruit, or vegetables, I now have a way to pay for my groceries with cryptocurrency. The same goes for any other cryptocurrency owners shopping at Bowen Hills IGA.
Yeoh noted that finding merchants that accept crypto is now simpler before. This is because of the Living Room of Satoshi, a payment solution recently integrated TravelbyBit’s merchant map. Through this move, Australian crypto users can see which store is closest to them using a smartphone app.
Bitcoin Adoption in Supermarkets on the Rise
This news comes a bitcoin and crypto adoption in supermarkets across the globe continues rising. In December last year, Oasis Supermercados, a Brazilian supermarket began accepting BTC and other crypto coins. Reportedly, this project used Coinwise as the payment platform. In so doing, Rio das Ostras-based retail chain allowed residents and tourists to buy goods using BTC, LEC, and BCH.
Six months later, a publication unveiled that Slovenian Tuš supermarkets had hopped on the crypto bandwagon. The retail chain used the Elipay POS to accept the payments. This move allowed Slovenians to buy a wide range of goods in BCH.
Increased adoption of crypto by retail stores across the globe goes against the beliefs of bankers and financial watchdogs.
For instance, Jerome Powell, the chairman of the Federal Reserve said,
Really, almost no one uses bitcoin for payment, they use it more as an alternative to gold really. It’s a store of value; it’s a speculative store of value like gold.
This news comes after Binance, a leading crypto exchange invested in TravelbyBit in the past year. The deal involved $2.5 million. It sought to introduce a point-of-sale (POS) terminal system that would incorporate the blockchain in leading airports across the globe. In so doing, travelers would have the ability to book and pay for their journeys using crypto.
Do you think IGA’s integration of crypto payments will have a positive impact on the crypto market? Let us know in the comments below.