From Monday, 18 November 2024, customers will earn crypto rewards when they pay using Luno Pay at any Pick n Pay store across South Africa. Rewards are paid out instantly in Tether (USDT), with up to 10% USDT back when you pay with USDT and 5% USDT back when you pay with Bitcoin with a minimum R100 spend and a maximum 30-day payout of 50 USDT (around R900).
Pick n Pay consumers can buy groceries, clothing, airtime, electricity, flights, and bus tickets and pay municipal bills and big-ticket items like appliances or tech.

Rewards are instantly available in your Luno USDT wallet. This offer will runs from Monday, 18 November 2024 to 31 January 2025.

The initiative is a collaboration between Luno, Tether, and Pick n Pay to explore an innovative way of rewarding customers for spending with crypto.

Cryptocurrency is rapidly becoming a crucial tool for financial inclusion in Africa where there is limited access to traditional banking services. In Africa, crypto has penetrated key markets and become important to many residents' daily lives.

Cryptocurrencies facilitate faster, more affordable remittances, hedge against unstable local currencies, and open up investment opportunities. Despite regulatory challenges, crypto adoption in the region continues to rise.

According to Chainalysis, stablecoins now account for about 43% of Africa’s total transaction volume, reflecting a growing demand for efficient financial solutions and gateways to the global financial system.

Tarris Arnold, Luno’s business development manager, says, “Luno Pay was created so that Luno customers can use their crypto beyond only investment. It is an important element of our strategy and allows customers to make instant payments for goods and services using their preferred cryptocurrency. We want Luno customers to be able to pay for anything, anywhere, and this collaboration is only the beginning.”

Only purchases made using Bitcoin and USDT are eligible to earn rewards in USDT. Crypto payments at Pick n Pay are processed by MoneyBadger.

With a market capitalisation exceeding $127bn, USDT stands as a pivotal force in the digital payments ecosystem.

USDT is a US dollar-pegged cryptocurrency that addresses crypto volatility associated with digital assets by pegging each unit of USDT to the US dollar. Trusted by over 350 million users worldwide, USDT provides a stable, liquid, and efficient means of digital payment, seamlessly enabling transactions across multiple blockchains.

Ranked among the most widely traded cryptocurrencies, USDT’s market cap positions it just behind Bitcoin and Ethereum, underscoring its role as a cornerstone of the global crypto economy.

“With Bitcoin’s price having just shot through a new all-time high of R1.6m, customers who spend their crypto are drawn to use stablecoins. They are less volatile as USDT tracks the US dollar,” adds Arnold.

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