Brazilian supermarket chain to start accepting crypto payments

Reports from Portal do Bitcoin and CCN are suggesting that Brazilian supermarket chain Oásis Supermercados has started to accept payments in the form of cryptocurrency. The move is expected to see the likes of Bitcoin, Bitcoin Cash, and Litecoin accepted as payment.

The reports come from one of the firm’s managers, Douglas Andrade, who claims that all cashiers have been trained to accept cryptocurrency payments.

Oásis Supermercados is based in Rio De Janeiro, and the company reportedly have an annual turnover of around 25 million reais, which equates to roughly $6.5 million.

Speaking to Portal do Bitcoin, Andrade details how the move first came about, claiming “a former employee introduced us to the crypto coins and taught us how to invest.” He then goes on to reveal that his brother Thiago was the one to suggest the idea of accepting crypto as a form of payment after the pair, who both run the business, watched a video explaining how supermarkets accept crypto payments.

Andrade states: “It is the same as payment by credit card. The client says which cryptocurrency they want to pay, the operator types in the amount in reais, and the system converts that to crypto. Then you just scan the QR code and you’re done.”

The system in place which converts the crypto into reais and vice versa has been developed and implemented by CoinWISE, a finance and information security firm. The company converts the paid cryptocurrency into the Brazilian national currency and sends it back to Oásis Supermercados three days after the payment was made.

Despite the move, Andrade also revealed that “as it is still very recent, the network has not yet received any payment in cryptocurrency.” However, Andrade remains optimistic, stating that news about the move has spread quickly.

For more information and guides from Coin Rivet, click here.