Local people and tourists can make their purchases with BTC, LTC and BCH. The process is similar to the one used by credit cards
In Rio de Janeiro city, located in Brazil, a small chain of supermarkets has announced that it will begin accepting payments in cryptocurrencies.
Oásis Supermercados has two physical stores in the city and more than 90 employees. Twenty (20) of them were trained to conduct transactions in cryptocurrencies.
In this way, a local person or a tourist can already make their purchases with any of the cryptocurrencies that accept the new payment system. Among them are the most popular such as: Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH). Douglas Andrade, the company’s manager, says the news has become so viral that they have even suggested to accept other cryptocurrencies; such as NANO.
About the System
PayWISE is used in this process. It is a payment platform developed by the startup CoinWISE. Then, the platform receives the cryptocurrencies and converts them into Reales, (the official currency of the country). Andrade, who represents the company, commented: “It’s very easy, it’s like a credit card payment. The client says what cryptocurrency he wants to use to pay, the operator enters the real ones and the system converts them into cryptocurrencies. Then just scan the QR code and you’re done”.
Even this platform has a process of change similar to credit cards, as the company processes the payments in cryptocurrencies, converts them to Brazilian Real and, after three days, it processes the payment to the supermarket company.
Andrade mentioned that his brother Thiago had the idea of accepting cryptocurrencies as a method of payment. Thiago is also administrator of the Oasis Supermarkets network. He came up with this method of payment after watching some videos on Internet related to how receive payments with cryptocurrencies in commercial establishments. This led him to investigate in cryptocurrency exchange houses how to adapt this to the supermarket chain.
The company Oásis Supermercados invoices around 25 million Reais a year, equivalent to 6.5 million dollars. And the locals are located in one of the most tourist cities in Latin America, (Rio de Janeiro) so they can offer thousands of tourists this easy way of payment in cryptoactive without problem.
Brazil has been one of the countries in Latin America that has accepted cryptocurrencies and Blockchain technology in its economy. At the beginning of 2018, the GBS Group, a company dedicated to the mass transport of passengers, began to implement payment methods with cryptocurrencies to tickets purchased through the web. As the well-known fashion brand Calvin Klein announced that it would accept Bitcoin (BTC) as payment method in its stores in Sao Paulo.
A Brazilian media reported that since the system was implemented in Oásis’ stores, no purchase has been made through this payment method. However, this initiative marks a beginning for the diversification of the use of cryptocurrencies in Brazil and serves as a reference for the rest of Latin America.
By Maria Rodriguez.