Spar supermarket in Zug accepts Bitcoin payments

In Zug, the heart of the crypto Valley, another company takes an innovative step: The Spar supermarket at the train station enables its customers to pay their purchases with Bitcoin.

Thanks to a collaboration with the financial service provider DFX Swiss and the #opencryptopay initiative, payments can quickly and easily via the Bitcoin Lightning Network – A layer 2 solution for cheaper payments – to be handled. So sets Zug Another sign of the everyday suitability of cryptocurrencies.

Bitcoin as a means of payment in retail

In the Spar Supermarkt in Zug, customers only have to scan a QR code when paying at the cash register to complete their transaction. The quick and inexpensive Lightning network by Bitcoin. The process is particularly user-friendly by mobile walls such as Phoenix Wallet, whereby other Lightning-capable wallets are easily accepted.

The project is implemented as part of #Opencryptopay, an initiative that wants to make Bitcoin payments integrated as easy as possible for dealers. A Swiss provider supports the technical infrastructure and ensures that retailers can make immediate Bitcoin-Franconia conversions in order to minimize price fluctuations.

Potential for expansion

Zug has made a name for itself as a pioneer city in terms of cryptocurrencies for years. The city administration began to accept Bitcoin for fee payments in 2016. Since 2021 can too Steer be paid in Bitcoin and Ether – a unique offer in Europe.

SPAR operates over 13,900 branches in 48 countries worldwide and serves around 14.7 million customers a day. The successful introduction of Bitcoin payments in Zug could serve as a model for a broader implementation. If the system proves itself, there is the possibility that SPAR Bitcoin payments will introduce other branches in both Switzerland and internationally. This would be a significant step towards global acceptance of Bitcoin in retail.