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Global grocery giant Spar is enabling stablecoin and cryptocurrency payments in its stores across Switzerland, marking what the company says will be the first nationwide rollout of digital asset payments in the retail sector.
The grocery chain is partnering with Binance Pay and Swiss fintech firm DFX.swiss to allow customers to pay with more than 100 cryptocurrencies and stablecoins, according to a Thursday announcement shared with Cointelegraph.
The service is already live in 100 Spar stores and will expand to the remaining locations in coming months. A full rollout across the country’s Spar network has no confirmed timeline, a Spar spokesperson said.
This marks Switzerland’s first nationwide cryptocurrency payment rollout in the retail sector. Growing crypto adoption among retail giants like Spar may inspire more mainstream trust in cryptocurrency payments.
Source: Spar
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While the rollout across 300 Swiss stores is scheduled for the “coming months,” the launch across the country’s entire Spar network has “no confirmed timeline,” a spokesperson for DFX.swiss told Cointelegraph.
The shops marked above in red have already rolled out crypto payments, while the yellow ones are preparing to launch them. Source: DFX.swiss
Crypto payments may save merchants two-thirds of card commission fees
Compared to traditional card payments, crypto payments may help merchants save up to two-thirds of the commission fees, according to André Scherrer, managing director at Spar Switzerland.
Similar “smart wallet payment solutions” represent the future for the retail sector due to the increasing customer demand, he wrote in the announcement shared with Cointelegraph.
Spar grocery payments will be gas-free, settled in Swiss francs or other currencies upon request, through the DFX.swiss interface.
Customers will be required to scan a QR code through the Binance Pay App before choosing their preferred token, which will be automatically exchanged into Swiss francs for Spar.
Related: Record $37T US debt and M2 money growth set stage for $132K Bitcoin
More big brands are adopting cryptocurrency payments, particularly in Switzerland, one of the most crypto-friendly European jurisdictions, which already has over 1,000 shops accepting Bitcoin (BTC) payments in the country, according to BTCmap data.
Businesses accepting Bitcoin payment in Switzerland, Europe. Source: BTCmap
The news comes four months after the country’s first Spar in Zug, Switzerland, adopted Bitcoin payments via the Lightning Network, Cointelegraph reported on April 18.
Bitcoin payment in Spar, Zug, Switzerland. Source: Rahim Taghizadegan
In 2023, the Swiss city of Lugano adopted Bitcoin and Tether USDt (USDT) payments for all municipal fees, marking a world first for any city administration.
Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations — Samson Mow
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