Global grocery giant Spar is launching stablecoin and cryptocurrency payments in its Swiss stores, marking the first nationwide rollout of digital asset payments in the retail industry.
According to an announcement shared with Cointelegraph on Thursday, the grocery chain is collaborating with Binance Pay and Swiss fintech company DFX.swiss to allow customers to pay with over 100 types of cryptocurrencies and stablecoins.
The service has been launched in 100 Spar stores and will expand to the remaining stores in the coming months. A Spar spokesperson stated that there is currently no confirmed timeline for a full rollout across the national Spar network.
This marks the first nationwide introduction of cryptocurrency payments in the Swiss retail sector. The increasing adoption of cryptocurrencies by retail giants like Spar may inspire greater mainstream trust in cryptocurrency payments.
A spokesperson for DFX.swiss told Cointelegraph that while there are plans to promote the service in 300 Swiss stores in the "coming months," there is "no confirmed timeline" for a nationwide rollout across the entire Spar network.
André Scherrer, General Manager of Spar Switzerland, stated that cryptocurrency payments can help merchants save up to two-thirds of transaction fees compared to traditional card payments.
In an announcement shared with Cointelegraph, he wrote that similar "smart wallet payment solutions" represent the future of the retail industry due to the growing demand from customers.
Spar grocery payments will waive gas fees and settle in Swiss francs or other currencies upon request through the DFX.swiss interface.
Customers need to scan a QR code using the Binance Pay app and then select their preferred token, which will be automatically converted to Swiss francs for Spar.
An increasing number of major brands are adopting cryptocurrency payments, especially in Switzerland, one of the most crypto-friendly jurisdictions in Europe. According to BTCmap data, over 1,000 stores in the country already accept Bitcoin (BTC) payments.
This news comes four months after the first Spar in Zug, Switzerland, adopted Bitcoin payments via the Lightning Network, as reported by Cointelegraph on April 18.
In 2023, the city of Lugano in Switzerland adopted Bitcoin and Tether (USDT) for all municipal payments, marking the first instance of any city administration globally doing so.
Related: As ETF and stablecoin momentum strengthens, Citigroup considers crypto custody and payment services
Original article: “Spar Launches Stablecoin and Cryptocurrency Payments Nationwide in Switzerland”
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