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Spar will launch crypto and stablecoin payments across 300 Swiss supermarkets via Binance Pay and DFX.swiss, marking a retail first for the country.
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Global grocery giant Spar is rolling out stablecoin and cryptocurrency payments in its stores across Switzerland, marking what the company says will be the country’s first nationwide rollout of digital asset payments in the retail sector.
The grocery chain is partnering with Binance Pay and Swiss fintech firm DFX.swiss to enable customers to pay with more than 100 cryptocurrencies and stablecoins, according to a Thursday announcement shared with Cointelegraph.
The service is already live in 100 Spar stores and will expand to the remaining locations in the coming months. A full rollout across the country’s Spar network has no confirmed timeline, a Spar spokesperson said.
This marks Switzerland’s first nationwide cryptocurrency payment rollout in the retail sector, bringing payment opportunities across over 100 cryptocurrencies and stablecoins available through Binance Pay.
The growing crypto adoption among retail giants like Spar may inspire more mainstream trust in cryptocurrency payments.
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While the rollout across 300 Swiss stores is scheduled for the “coming months,” the launch across the country’s entire Spar network has “no confirmed timeline,” a spokesperson for DFX.swiss told Cointelegraph.
Crypto payments may save merchants two-thirds of card commission fees
Compared to traditional card payments, crypto payments may help merchants save up to two-thirds of the commission fees, according to André Scherrer, managing director at Spar Switzerland.
Similar “smart wallet payment solutions” represent the future for the retail sector due to the increasing customer demand, he wrote in the announcement shared with Cointelegraph.
Spar grocery payments will be gas-free, settled in Swiss francs or other currencies upon request, through the DFX.swiss interface.
Customers will be required to scan a QR code through the Binance Pay App before choosing their preferred token, which will be automatically exchanged into Swiss francs for Spar.
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More large brands are adopting cryptocurrency payments, particularly in Switzerland, one of the most crypto-friendly European jurisdictions, which already has over 1,000 shops accepting Bitcoin (BTC) payments in the country, according to BTCmap data.
The news comes four months after the country’s first Spar Zug, Switzerland, adopted Bitcoin payments via the Lightning Network, Cointelegraph reported on April 18.
In 2023, the Swiss city of Lugano adopted Bitcoin and Tether USDt (USDT) payments for all municipal fees, marking a world first for any city administration to do so.
Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations — Samson Mow
This article first appeared at Cointelegraph.com News
