Cryptocurrency and stablecoin payments will begin in Swiss grocery stores.
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The New Money Revolution
The era of cryptocurrency payments is beginning in Switzerland. Spar (DESPAR) is a multinational group that manages independently owned and operated food retail stores. It has more than 12,770 supermarkets, hypermarkets, and discount stores worldwide. Global grocery giant Spar is introducing stablecoin and cryptocurrency payments in its stores across Switzerland. The company will launch the first nationwide implementation of digital asset payments in the retail sector.
The grocery chain announced a partnership with Binance Pay and Swiss fintech firm DFX.swiss to allow customers to pay with more than 100 cryptocurrencies and stablecoins. Currently, cryptocurrency payments are actively accepted in 100 Spar stores. It's also worth noting that: A Spar spokesperson said there is no firm timeline yet for full implementation across the Spar network across Switzerland.
Cryptocurrency Grocery Shopping
Cryptocurrency payments in the grocery sector are Switzerland's first nationwide implementation in the retail sector. Growing crypto adoption among retail giants like Spar could increase interest in cryptocurrency payments. A DFX.swiss spokesperson also stated that expansion to 300 Swiss stores is planned "in the coming months," but that there's no rush to expand to the entire Spar network nationwide. Research on this topic suggests that crypto payments can save businesses up to two-thirds on card fees.
Research suggests that "smart wallet payment solutions" represent the future of the retail sector. Spar grocery payments will be made through the DFX.swiss interface. Transactions will be completed with a one-to-one conversion into Swiss francs or other currencies. After completing their grocery shopping, customers will choose a cryptocurrency through the Binance Pay app. For example, customers who choose Tron (TRX) will have their purchases converted and charged in Swiss francs.
Conclusion
According to recent research from BTCmap, more major brands are implementing cryptocurrency payments. Switzerland, one of the most crypto-friendly regions in Europe, currently has over a thousand stores accepting Bitcoin (BTC) payments. In 2023, the Swiss city of Lugano became the first city to accept Bitcoin and Tether (USDT) payments for all municipal fees.
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