Brazilian Supermarket Chain Now Accepts Payment in Bitcoin
A Rio de Janeiro supermarket chain, Oásis Supermercados, is now accepting payment in bitcoin core, bitcoin cash and litecoin. It joins a growing number of Brazilian businesses in construction, ecommerce, hospitality and transport, already taking payment in cryptocurrency.
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Shopping the Cryptocurrency Way
Beginning Dec. 18, shoppers can pay for goods directly in BTC, BCH or LTC at Oásis Supermercados. Payments are processed through crypto payments processor Coinwise. Once a customer chooses the cryptocurrency they want to use to make a purchase, the system receives the digital coins and converts them into the fiat equivalent. Coinwise will later send the Brazilian reals to the supermarket in three days.
As with most crypto-pioneering businesses, management at the supermarket claim to be Bitcoin enthusiasts and investors. Although virtual currency acceptance is on the way to becoming mainstream in Brazil, this recent adoption is a significant one for a supermarket.
Douglas Andrade revealed that his brother and co-manager Thiago picked up the idea of accepting digital currency payments from a video on the subject and consulted a cryptocurrency brokerage firm for more information.
The duo had already been privately exposed to cryptocurrencies after “a former employee introduced us to the crypto-coins and taught us how to invest,” Andrade told local publication Portal do Bitcoin.
Andrade also revealed that cryptocurrency purchases are similar to paying by credit card. “The client says which cryptocurrency he wants to pay, the operator types in reais and the system immediately converts to that crypto. Then just get the QR code and you’re done,” he explained.
Oásis Supermercados makes around 25 million reals ($6.45 million) in annual revenue, operating two stores with 90 workers, 20 of them cash operators. All staff have been trained in handling virtual currency payments. Even though no crypto purchases have been completed since the service launched on Dec. 18, Andrade claims there has been noticeable interest from the public.
Growing Number of Businesses Accepting Crypto
In June, Brazilian road transport company Viação Garcia started accepting bitcoin core, bitcoin cash and litecoin payments. Only BTC was initially accepted, but the other two digital currencies soon joined the basket.
Las Magrelas, a bicycle shop integrated in a bar, is a pioneer in bitcoin payments. Since 2013, the shop has been taking payments in crypto. Another transport company, Metrô Brasília, also offers the option of paying in virtual currency.
Major construction firm Tecnisa gives a 5 percent discount to customers who choose to make the first payment in BTC. However, crypto payments are limited to the initial payment only. Other businesses including Nobile Plaza Hotel, ecommerce website Fasttech.com, robotic and electronic parts retailer Webtronico hotels, and Imperius Food are also taking crypto payments in Brazil.
What do you think about the Brazilian supermarket cryptocurrency payment initiative? Let us know in the comments section below.
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