Croatian supermarket chain Konzum has recently announced that it is accepting payment in cryptocurrencies. Now, customers can purchase groceries and other home products using crypto via their online store.
The supported cryptocurrencies include Bitcoin, Ether, Bitcoin Cash, Ripple, DAI, EOS, Stellar and stablecoins such as Tether and USD Coin.
Konzum partnered with HANFA-regulated crypto payment processing company Electrocoin so that it could help enable the new crypto payment feature by implementing PayCek, a system that enables merchants to accept payments in cryptocurrency.
The announcement stated that the PayCek system ensures that buyers are charged at a fixed exchange rate at the start of the transaction, which provides sufficient time for successful execution. Konzum spokesperson commented that the supermarket chain will not be holding any crypto as part of the initiative.
When it comes to crypto payment, Konzum doesn’t have any interaction with cryptocurrencies, we receive only fiat into our bank account. Electrocoin does the payment processing from crypto to fiat through their cryptocurrency exchange platform in a simple and secure way.
Electrocoin has plans to add three more cryptocurrencies into PayCek by the end of 2021, which would allow Konzum to accept payments in Solana, Litecoin and Dogecoin.
The crypto payment option will remain exclusive to online shopping for now, although the chain stated that they have plans to allow crypto payments across its physical outlets in the near future.