Paying for Fruit and Vegetables With Crypto in Ukraine

Siamak Masnavi

Paytomat, an Estonian crypto payments processor, is helping with real world adoption of crypto by making it easy for merchants across Europe to accept payments in various popular cryptocurrencies.

The list of 13 supported cryptocurrencies includes Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), EOS, Dash (DASH), NEM (XEM), Nano (NANO), and ZenCash (ZEN). Currently, over 329 merchants in six European countries (Ukraine, Georgia, the Netherlands, Czech Republic, Bulgaria, Poland) are accepting crypto payments with the help of Paytomat.

Customers can pay using any crypto wallet they like or the Paytomat wallet app (available for iOS and Android). Once the customer has chosen which crypto to pay with, a QR code is shown to him/her, and once the customer sends funds to that wallet address, Paytomat makes the settlement in the merchant's local fiat currency, and the merchant receives a notification that payment has been made.

A great example of this is "Bessarabsky Market" in Kiev, the capital of Ukraine. This market, which is located in downtown Kiev, is very popular with relatively well-off locals, expats, and tourists. It mostly sells high quality fruits and vegetables, albeit at relatively high prices.

According to a report by Ukrainian news outlet Bykvu on Friday (31 August 2018), some of the market's merchants have recently started accepting crypto payments (by using Paytomat as the payment processor).

Here is a tweet by Paytomat's CEO, Yuriy Olentyr, showing a photo of one of the fresh produce stands in this market that accepts crypto payments:

According to the director of the market, Nikolay Kovalchuk, accepting crypto payments will allow offering customers new experience and attract a new audience of crypto enthusiasts, as increasing customer loyalty is the way to sales growth. 

ForkLog, which talked to Paytomat’s Ukrainian operational director, Aleksandr Kurinnoi, was told that this initiative, which has the aim of showing the simplicity of using cryptocurrencies in everyday life, is called Babushka” ("grandmother" in English).  

 Paytomat currently provides three different ways to pay with cryypto:

  • via POS-terminals
  • via a web panel
  • via a single QR code (as in the example of the fruit seller in Bessarabsky Market)

In Q3 2018, Paytomat plans to implement support for payments via chatbots (in Telegram), and in Q4 2018, it plans to add support for web payments via free e-commerce plugins.

Featured Image Credit: Photo via Pexels.com