South Africans are spending R2-million/month in cryptocurrency at a range of retail outlets, including Pick n Pay, crypto exchange Luno said on Tuesday, with adoption rising across merchant categories.

In total, consumers have spent more than R20-million through Luno Pay since its launch in November 2024, the company said.

“The data reveals purchases ranging from as little as R1 at Pick n Pay to high-value transactions of tens of thousands of rands, showcasing crypto’s versatility across different spending patterns,” said Luno.

The data is interesting because it suggests there is a willingness by people to use cryptocurrencies like bitcoin as a medium of transaction rather than simply hoarding it on the assumption it will generate a return over time.

“Appetite for digital currency transactions in everyday commerce is growing,” said Luno country manager Christo de Wit in the statement.

“The wide transaction spectrum indicates that cryptocurrency payments are becoming more common for both everyday purchases and significant expenses. Our data shows that many customers use Luno Pay regularly for routine purchases and services.”

Pick n Pay remains the flagship merchant partner. However, Luno Pay’s partnerships with payment providers like Zapper have expanded the offering to include retailers such as Dis-Chem, GeeWiz and One Day Only.

Evolving

“The partnerships enable crypto payments at restaurant chains like Spur, travel services through FlySafair, household retailers including Hirsch’s and Dial-a-Bed, and online retailers like Loot and YuppieChef,” said De Wit.

“South Africans are clearly ready to embrace crypto payments for everyday transactions – an indication that cryptocurrency is evolving from a speculative asset to a practical payment method integrated into daily life.”