1 day Ago By Theunis Jansen van Rensburg
Pick n Pay customers are spending over R1 million per month on groceries using cryptocurrencies, according to a report by Luno , a crypto trading and investment platform. This figure has surged from an average of R25,000 per month just a year ago, highlighting a shift in how South Africans use crypto—not just as an investment but for everyday payments. Read: iPhone 16 prices in South Africa announced, and its dropping Since the launch of Luno Pay in September 2023, the platform has processed more than R3 million worth of crypto transactions.
The average basket size for purchases using Luno Pay is R370, with the largest transaction capped at R10,000. Bitcoin remains the most popular cryptocurrency for both payments and investments on Luno’s platform. Carel van Wyk, founder and CEO of Money Badger, which connects merchants like Pick n Pay to crypto exchanges for payments, said in the report that while crypto payments are growing, they are still on the fringes of traditional finance.
“The investment and payment cases for crypto will eventually align. If people hold crypto, they may want to spend it without converting it to traditional currency,” he explained. Money Badger has created a payment channel that allows vendors to process crypto payments almost instantly via licensed exchanges like Luno.
Van Wyk added that crypto payment apps are not meant to replace traditional bank-linked payment methods but provide an alternative way to use crypto like any other form of money. “Our service is similar to platforms like SnapScan or Apple Pay but operates on a different foundation,” he said. According to Luno, the global crypto payment market is projected to triple to $4.
8 billion by 2030, from $1.6 billion in 2023. “As crypto adoption grows, so will the ability to use it for payments,” said Luno’s country manager, Christo de Wit, adding that cryptocurrency is increasingly being viewed as more than just an investment.
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