Christmas has come early for the crypto-holding customers of Croatia’s biggest supermarket chain, Konzum.
The retail chain announced that it will allow its customers to pay for its products and services using cryptocurrency as of today (December 1, 2021).
This, however, will only cover purchases made through its online store.
Konzum is currently the first retail chain in Croatia to consider cryptocurrency payment. Meaning that its customers owning cryptocurrencies will be the first-ever Croatians to pay for supermarket supplies right from their digital wallets.
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Konzum’s online store currently grants users access to over 12,000 products- including groceries, hygiene, household supplies, and other products on offer.
This payment service was made possible by cooperating with the domestic fintech company Electrocoin and the PayCek system, the first Croatian payment processor for cryptocurrencies.
Paying with Crypto
As Konzum explained, the process of paying with cryptocurrency is simple and quite similar to card payment. Here’s how it works:
Source: Dribble
Firstly, the customers will identify the product they need (on the app) and select it.
Then, the app will provide them with several payment options, and among those listed, there will be the cryptocurrency option.
Upon selecting the cryptocurrency option, the system will then list the supported coins for the transaction.
Here you need to select your desired cryptocurrency, then 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 exclusively with a personal cryptocurrency. After confirming the transaction, the buyer will proceed to make the payment.
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They will receive a confirmation of the transaction from PayCek- which will send the confirmation by email. Then Konzum will seal the deal by sending an invoice for the paid service or product.
This latest development is convenient to the customers and beneficial to the retail chain’s image as it now gives the supermarket a futuristic look that will definitely impact its competitive advantage. The retail chain also announced that it would soon introduce cryptocurrency payments for its physical stores throughout Croatia.
Konzum’s Cryptocurrency Strategy
On handling volatility issues surrounding cryptocurrency exchange rates that may vary from minute to minute; The PayCek system will guarantee the buyer a fixed exchange rate for a sensible amount of time- enough to execute the transaction successfully.
Additionally, Konzum’s online store will also support up to nine different cryptocurrencies. Which will include; bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), EOS, DAI, Ripple (XRP), Stellar Lumen (XLM), Tether (USDT), and USDC.
“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,”
“We continue to invest in the development of innovations and technologies,”
Kalinic said.
In conclusion, Konzum is not the only Croatian establishment embracing this technology. In February, the Croatian Tifon gas started accepting Bitcoin payments for its stations, and it’s still all clear skies.