Swiss Supermarket Spar Introduces Bitcoin Payments Nationwide

Summary:
Swiss supermarket chain Spar has launched a new feature that allows customers to pay with Bitcoin and over 100 other cryptocurrencies, facilitated through a mobile app. This initiative follows a successful pilot program and highlights Switzerland's growing acceptance of digital currencies.

Key Takeaways

Spar has rolled out Bitcoin and cryptocurrency payments across its entire retail network via a mobile app.
The rollout follows a successful pilot program in Zug and a partnership with Binance Pay for transaction support.
Crypto payments in Switzerland are steadily growing, with over 800 businesses now accepting Bitcoin.
This shift marks a significant step towards integrating cryptocurrency into everyday transactions in Switzerland.

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Introduction of Cryptocurrency Payments

Swiss supermarket giant Spar has announced the launch of Bitcoin and cryptocurrency payment options across its stores. This service is now available through the company's new mobile app, which supports over 100 different cryptocurrencies.

Successful Pilot Program Leads to Nationwide Rollout

The launch was confirmed today by DFX Swiss on X (formerly known as Twitter), indicating that Spar has integrated the OpenCryptoPay system into its app for smooth crypto transactions. This implementation represents the first comprehensive cryptocurrency payment system in Switzerland’s grocery industry.

This nationwide offering follows several months of a successful pilot program supported by DFX Swiss and Binance Pay. The pilot project allowed Spar to gauge customer interest and test operational stability before making the service available throughout the country.

Zug Trial: The Beginning of a New Era

The initial trial commenced in Zug, where Spar’s local branch became the first to accept Bitcoin transactions via the Lightning Network using OpenCryptoPay. The strong positive feedback prompted the supermarket to quickly expand the trial to a second location in Kreuzlingen, showcasing the viability of the payment system.

By August, Spar broadened its partnership with Binance Pay, which enabled support for over 100 cryptocurrencies, including commonly used stablecoins backed by euros and dollars. Customers opting for Binance Pay also enjoyed zero gas fees, which simplified the entire transaction process.

Spar Switzerland's managing director, André Scherrer, noted that crypto payments could reduce merchant transaction fees by up to two-thirds compared to traditional card payments.

Continued Growth of Cryptocurrency in Switzerland

Spar’s move aligns with a broader trend in Switzerland, where the use of cryptocurrency in real-world transactions is on the rise. Data from BTC Map shows that more than 800 Swiss businesses now accept Bitcoin, indicating strong local support for digital currencies.

Cities like Zug and Lugano have been at the forefront of this evolving landscape. Zug introduced Bitcoin and Ethereum tax payments in 2021, while Lugano added Bitcoin and USDT for various municipal services in 2023. Collectively, these efforts have positioned Switzerland as a leading crypto hub in Europe.

Disclaimer: This article is intended for informational purposes only and should not be viewed as financial advice. The opinions expressed in this piece reflect the author's personal views and do not necessarily represent those of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.