Use your crypto to shop at Pick n Pay and get up to 10% back just in time for Black Friday

Written By Wian

Luno

Media release

Use your crypto to shop at Pick n Pay and get up to 10% back just in time for Black Friday

Monday, 18 November 2024: From today, you’ll earn crypto rewards when you 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 promotional offer will run from 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 $127 billion, 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 R1.6 million, customers who spend their crypto are drawn to use stablecoins. They are less volatile as USDT tracks the US dollar,” adds Arnold.

Ends

Image of Tarris Arnold, Luno’s business development manager:

https://drive.google.com/file/d/1QI30w4wmvz8FbHmSC3c9YsLhqoyyRCJE/view?usp=sharing

Graphic including logos:

https://drive.google.com/file/d/1vKU9AsTqMFiAA3AjjtVpM6FfPfo2_nKY/view?usp=sharing

About Luno

Luno is a leading global cryptocurrency investment app on a mission to put the power of crypto in everyone’s hands. Since its founding in 2013, Luno has become a leader in responsible crypto education and investment, introducing over 13 million people to crypto. It is available in more than 40 countries across Europe, Africa, Asia and Australia. 

In November 2024, Luno was named South Africa’s preferred crypto exchange in MyBroadband’s 2024 consumer technology survey by over 2,233 South African technology enthusiasts.

In 2023, Luno was re-certified ISO27001 compliant. The global certification confirms security controls in place across all areas of the business. In addition, Luno received an A-grade rating in CCData’s Exchange Benchmark in November 2023, which ranks the risk associated with digital asset exchanges. Luno publishes an independently verified proof of reserve report monthly.

Luno offers products and services that make it safe and easy to buy, store and learn about crypto assets like Bitcoin and Ethereum. 

www.luno.com 

Investing in Crypto assets may result in the loss of capital. Luno (Pty) Ltd is a licensed financial services provider, registration number 53314. 

This information is not intended to be nor does it constitute financial, tax, legal, investment or other advice; nor is it a call to trade. The information is intended as general market commentary for information purposes only. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Advisor.


For further information, please contact Turquoise PR & Marketing Communications: 

Wian