Konzum, which is the largest supermarket chain in Croatia, recently made a very interesting announcement that largely went unnoticed in the XRP community.
Konzum has over 700 physical stores in Croatia and over 10,000 employees. The first Konzum store was opened in Zagreb in 1957.
According to the notice posted on the Konzum website on December 1, the company is now making it (i) possible to buy crypto (no commission) at its online store; and (2) possible to pay with crypto for the products on offer at its online store .
The supported cryptoassets are Bitcoin ($BTC), Ether ($ETH), Bitcoin Cash ($BCH), $EOS, $DAI, $XRP, Stellar Lumen ($XLM), Tether ($USDT) and $USDC .
Uroš Kalinić, Member of the Management Board of Konzum for Finance and IT, had this to say:
“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. As the largest retail chain in Croatia, which in its almost 65-year history is a continuous leader in the domestic market in terms of business results and technological achievements, we are proud to be leaders in another area that is rapidly developing and dictating the future. We continue to invest in the development of innovations and technologies in order to remain the first choice for our customers and as a next-generation retail chain to provide a premium shopping experience.”
Konzum went on to say that this support for crypto was enabled as a result of a collaboration with Croatian cryptocurrency brokerage and crypto-payment processing firm Electrocoin, which has a system called PayCek that allows merchants to accept crypto and receive in their bank account HRK or EUR.
Here is how this will work from the point of view of a Konzum customer:
“When completing the product selection, the customer will be able to choose the cryptocurrency payment option and the system will offer him a list of those available.
“After selecting the desired cryptocurrency, the amount in its equivalent will be displayed and a QR code and payment address will be generated, after which the customer will simply scan the QR code exclusively with a personal cryptocurrency.
“By confirming the transaction, he will make the payment and receive a confirmation of the transaction from the PayCek system by e-mail, while Konzum will send him an invoice for the paid service or product.
“Given the volatility of the cryptocurrency exchange rate, which can vary from minute to minute, the PayCek system will guarantee the buyer a fixed exchange rate equivalent in time to initiate the transaction, sufficient for its successful execution at no additional charge.“
Konzum aims to introduce the ability to pay with crypto at its physical stores in the near future.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.