Crypto

Croatia’s Largest Supermarket Chain Now Accepts XRP as Payment

How to Purchase Ripple (XRP) Cryptocurrency

Konzum, the largest supermarket chain in Croatia, made an unusual announcement lately that went completely unreported by the XRP community.

In Croatia, Konzum has over 700 physical outlets and over 10,000 staff. In 1957, the first Konzum store opened in Zagreb.

According to a note issued on the Konzum website on December 1, the company is now making it possible to buy crypto (without commission) at its online store, and (ii) pay for things at its online store using crypto.

Bitcoin ($BTC), Ether ($ETH), Bitcoin Cash ($BCH), $EOS, $DAI, $XRP, Stellar Lumen ($XLM), Tether ($USDT), and $USDC are all supported crypto assets.

Uro Kalini, a member of Konzum’s Finance and IT Management Board, had this to say:

“The addition of cryptocurrency payments demonstrates that Konzum is continually watching worldwide trends, introducing innovations, and setting the benchmark in the retail industry.” We are happy to be leaders in another field that is fast evolving and defining the future as Croatia’s largest retail chain, which has been a consistent leader in the domestic market in terms of business outcomes and technological achievements for nearly 65 years. We will continue to invest in the development of innovations and technology in order to be the first choice for our customers and to provide a premium shopping experience as a next-generation retail chain.”

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The collaboration with Croatian cryptocurrency brokerage and crypto-payment processing firm Electrocoin, which has a system called PayCek that allows retailers to take crypto and receive in their bank account HRK or EUR, enabled this support for crypto, according to Konzum.

From the perspective of a Konzum customer, here’s how it’ll work:

“After finishing the product selection, the user will be able to select a cryptocurrency payment option from a list provided by the system.

“After picking the preferred cryptocurrency, the amount in its equivalent will be presented, as well as a QR code and payment address, which the customer will simply scan with their personal cryptocurrency.

“By completing the transaction, he will complete the transaction and receive an e-mail confirmation from the PayCek system, while Konzum will give him an invoice for the paid service or product.”

“Due to the volatility of cryptocurrency exchange rates, which can fluctuate from minute to minute, the PayCek system will guarantee the buyer a set exchange rate comparable in time to commence the transaction, sufficient for its proper execution at no additional charge.”

In the near future, Konzum plans to introduce the possibility to pay using cryptocurrency at its physical locations.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.