A supermarket in Mexico now allows Bitcoin payments for all their items

[nullama]

Elektra supermarket in Mexico recently started accepting Bitcoin payments and is encouraging their clients to do so, as they offer a 20% discount when paying with it (until end of the year).

Here's the promo banner (in Spanish):



Now people in Mexico are able to buy groceries, and retail in general using Bitcoin directly.

An interesting thing to consider is that the parent company, Grupo Elektra, has operations in these countries: Mexico, US, Guatemala, Honduras, Peru, Panama, and El Salvador.

source: https://en.wikipedia.org/wiki/Grupo_Elektra

That means that they already accept Bitcoin directly from at least 2 countries: Mexico, and El Salvador. Some of the other countries in that list could potentially be the next one.

[1715315321]

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[Fundamentals Of]

How are their customers able to pay in Bitcoin? Is there a local wallet app in the country that is popular that could be used for the grocery transactions between customers and the store? I am asking because if transactions are all done on-chain, I might end up paying a bigger amount for fees than the groceries I'm buying. I might end up paying more for my transaction to be confirmed than the packs of coffee I'm buying. Or are they possibly making use of lightning network?

[nullama]

How are their customers able to pay in Bitcoin? Is there a local wallet app in the country that is popular that could be used for the grocery transactions between customers and the store? I am asking because if transactions are all done on-chain, I might end up paying a bigger amount for fees than the groceries I'm buying. I might end up paying more for my transaction to be confirmed than the packs of coffee I'm buying. Or are they possibly making use of lightning network?

The supermarket is using Bitpay, you can pay with any wallet you want.

I'm not sure if Bitpay accepts lightning, but note that you can always order online, so waiting time for on-chain shouldn't be a problem:



In any case, fees are very low on-chain, for example this recent transaction for more than $3k just paid 7 cents in fees

Also, their clients paying with Bitcoin are getting 20% off until end of the year, that's a great discount.

[yazher]

This is a big promotion and I think it's a good thing both for the crypto market and the people who don't know what bitcoin is because they'll be curious about it and start to do their own research. I think they beginning to see the good result of implementing it on their store and I'm sure if they succeed with this one, the other companies will also follow their track. Bitcoin lovers in Mexico should support this kind of event to further promote it to others.

[mk4]

Any Mexican could chime in here? Why is this supermarket pushing bitcoin too much to the point that they're giving a good 20% discount? I don't see the incentive for them to do something like this in a business point of view. Unless they own a wallet+exchange software like Coinbase/CashApp/etc; which I'm pretty sure they don't because they're using BitPay.

[nullama]

Any Mexican could chime in here? Why is this supermarket pushing bitcoin too much to the point that they're giving a good 20% discount? I don't see the incentive for them to do something like this in a business point of view. Unless they own a wallet+exchange software like Coinbase/CashApp/etc; which I'm pretty sure they don't because they're using BitPay.

Here's what people from Mexico think about this:

While this is great news, I feel obligated as a Mexican to clear some things up: the thing is that Elektra is a retail store that it's target is people with very low income. Most purchases in Elektra are loans (like 10 years of monthly payments for a fridge). I think is very unlikely that Elektra clients have some crypto bc they struggle a lot with money, they could buy crypto just to pay at Elektra but that would mean that they will have to pay once, instead of a lifetime of little payments.

Reading the parent's company wikipedia page it seems that they're mostly a financial services company, processing a lot of remittances, loans, etc. Basically if you go and buy there you can get a "mini-loan" on the spot, for example you end up paying the TV for months instead of just one payment:

The company has operations in Latin America and is the largest non-bank provider of cash advance services in the United States.

Grupo Elektra sells close to 1 of every 4 televisions commercialized in Mexico, 1 of every 5 refrigerators, 7 of every 10 motorcycles, and pays a substantial proportion of the electronic money transfers from the United States into Mexico.

It offers its services to sectors that have been underserved by traditional financial institutions through Banco Azteca, Seguros Azteca, Afore Azteca, Advance America and Punto Casa de Bolsa.

My guess is that probably they want to acquire a lot of Bitcoin first by exchanging their stock instead of paying cash, to then create some kind of financial service based on bitcoin for the money transfers (maybe to compete with Strike and others).

This reddit comment kinda matches this idea, they want to keep bitcoins for themselves:

They also said they will keep it on their balance and not converting into fiat.

[mk4]

*snip*

Interesting. But still though, a 20% discount is a really hefty amount. I'm guessing they can do this simply because their profit margin is significantly more than their potential loss from the 20% discount, but still. If the goal was to hold the BTC, this is quite a bold move from them. Probably goes second to MicroStrategy in terms of confidence with BTC.

[avikz]

It's interesting to know how they have implemented the bitcoin payment architecture in their store. Unfortunately I don't read Spanish so unable to read the details in their promo banner. Is it a normal on-chain transactions? Or they have implemented LN? I wonder how they are tracking the transactions and also how many confirmations are they looking before a customer can walk out from their stores with their purchased goods!

But this is really positive. Using bitcoin for daily purchases slowly becoming possible in some parts of the world.

[Victorik]

Elektra supermarket in Mexico recently started accepting Bitcoin payments and is encouraging their clients to do so, as they offer a 20% discount when paying with it (until end of the year).

Here's the promo banner (in Spanish):



Now people in Mexico are able to buy groceries, and retail in general using Bitcoin directly.

An interesting thing to consider is that the parent company, Grupo Elektra, has operations in these countries: Mexico, US, Guatemala, Honduras, Peru, Panama, and El Salvador.

source: https://en.wikipedia.org/wiki/Grupo_Elektra

That means that they already accept Bitcoin directly from at least 2 countries: Mexico, and El Salvador. Some of the other countries in that list could potentially be the next one.

That's a good one. Trying to encourage more people to be interested in Bitcoin in particular and crypto in general.
Howver, my concern is what might actually discourage people is the transaction fees in doing these payments.
But, I like their concept, the discount is quite tempting.

[Reatim]

Elektra supermarket in Mexico recently started accepting Bitcoin payments and is encouraging their clients to do so, as they offer a 20% discount when paying with it (until end of the year).

Here's the promo banner (in Spanish):



Now people in Mexico are able to buy groceries, and retail in general using Bitcoin directly.

An interesting thing to consider is that the parent company, Grupo Elektra, has operations in these countries: Mexico, US, Guatemala, Honduras, Peru, Panama, and El Salvador.

source: https://en.wikipedia.org/wiki/Grupo_Elektra

That means that they already accept Bitcoin directly from at least 2 countries: Mexico, and El Salvador. Some of the other countries in that list could potentially be the next one.

since they are accepting also In El Salvador meaning this business originated in El Salvador and not in mexico?

also if this is a physical store then Yes this is a great achievements for cryptocurrency having 2 countries accepting Bitcoin directly from their wallets.

but Congratulations to the people who will  use this offer as 20% off also is indeed to be taken .

[syedakhlaque]

Elektra supermarket in Mexico recently started accepting Bitcoin payments and is encouraging their clients to do so, as they offer a 20% discount when paying with it (until end of the year).

Here's the promo banner (in Spanish):



Now people in Mexico are able to buy groceries, and retail in general using Bitcoin directly.

An interesting thing to consider is that the parent company, Grupo Elektra, has operations in these countries: Mexico, US, Guatemala, Honduras, Peru, Panama, and El Salvador.

source: https://en.wikipedia.org/wiki/Grupo_Elektra

That means that they already accept Bitcoin directly from at least 2 countries: Mexico, and El Salvador. Some of the other countries in that list could potentially be the next one.

This is a good development that supermarket in Mexico is going to accept payments in Bitcoin. Moreover, the supermarket is also giving a 20% discount to its customers. On all shopping from this market, the payment is being received directly through Bitcoin.
If private institutions and markets will step forward to promoting bitcoin or cryptocurrency in the shopping mall, supermarkets, etc, it will fell a positive impact on the bitcoin user & bitcoin families. They will be facilitated, comfortable for its utilization.

[Poker Player]

Well, even if in the end the customers don't use it much because the customers are low income or if in fact the company is doing it as a business move, this is of great importance. Can anyone imagine going to Wall Mart or your country's equivalent and seeing that Bitcoin payments are accepted? It is very important for mass adoption.

On the other hand, I still think that even if customers were wealthy, I don't think Bitcoin payments would be in the majority. What are peopel going to do? Save in fiat currency and spend Bitcoin? I think that only those who receive all their income in Bitcoin would pay in bitcoin at the supermarket, which is almost nobody nowadays. There are also other cases, people who bought a long time ago and spend small parts of it.

But all in all, good news and I hope we see many more like this in the future.

[Kelvinid]

That means that they already accept Bitcoin directly from at least 2 countries: Mexico, and El Salvador. Some of the other countries in that list could potentially be the next one.

They did what it is supposed to be. They are adopting Bitcoin in the first place and so they have to allow their people to enjoy it. Like being accepted in big establishments like in supermarkets, that is something it leads to encourage small business to offer the same. It gonna be a chain of crypto development and this is what it mean to be and to be consider as a currency, finally happen in Mexico. And we supposed to see it in the other countries who have been promoting and accpeting Bitcoin.

[slaman29]

This is how it is going to happen, not with El Salvador where people are suddenly forced to do it. In Argentina also I read some places are doing the same as the currency is just going nowhere with super inflation.

When people make the choice it will be because they have opened their eyes. Any Mexicans in this forum? I would love to see them and talk to them about experiences

[michellee]

It is good progress for crypto as that can get more attention from people if they read advertisements. Besides that, it can make them curious about what it is bitcoin and hopefully, that can make them start learning more about bitcoin before they use it. They will be aware that they can now use bitcoin or other cryptos to buy something at the supermarket. Hopefully, that can run smoothly and people can accept the new option to pay for any product in a supermarket in Mexico.

[rodskee]

Every time i enter Malls and supermarket i am trying to look if there is at least one establishments that literally offers accepting bitcoin or any other cryptocurrencies because i keep on reminding myself that it is better to help circulate crypto than keeping it on hold.

In a outside the city small business i come to find one that accepts bitcoin but never that i found another.
so this for Mexican is a Blessings because they can easily use bitcoin while even buying dozen of eggs or even Mineral water.

[DdmrDdmr]

I’ve being going over their TOS for paying with bitcoin, and there are a couple of things to point out:

-   Not all products are payable with bitcoin. Only those for which payment is available with bitcoin will be selectable as a means of payment.

-   If you underpay, purchase will be aborted, and you need to contact Bitpay for a refund.

-   If you overpay, the purchase will go through, but you will need to contact Bitpay to get back the amount that exceeded the price.

-   If you give back a product, refund will be in fiat (pesos)

See: https://www.elektra.com.mx/terminos-y-condiciones-bitcoin (in Spanish -> Google translating the link does not seem to render a visible translation).


As to the TOS for the Bitcoin promotion itself, I’d point out the following:

-   Purchase must be in the range of 5K pesos (240 USD aprox.) to 57K pesos (2750 USD aprox.)

-   The promotion has an allocated fund of 1M Pesos (a bit over 48K$)

See: https://www.elektra.com.mx/terminos-de-promociones (In Spanish)

[hugeblack]

The supermarket is using Bitpay, you can pay with any wallet you want.

If the store accepts digital payments by Bitpay, the goal may be to move away from the inflation of the local currency by obtaining the dollar in the bank account, not the Bitcoin itself.
Bitpay's transfers are made by depositing money into your bank account and then it may be an indirect way to transfer money to them instead of the traditional methods.

I don't know but if they want to keep the bitcoin hiring a tech developer who will set up a payment channel using BTCPay Server would be better.

[dkbit98]

Adoption is growing every day despite some efforts of people who are against this.
Good move from some smart people who live in Mexico, and I doubt their government has to do anything with this, including preventing this deal from happening.
Giving 20% discount for paying like this is like a cherry on top, and I wonder if this offer is for online and offline in person shopping.
Croatia did something similar few weeks ago when one of the largest supermarket chain Konzum accepted purchases with cryptocurrencies, but for now it's only for online orders.

[yayayo]

-snip-

This is such a great strategy to encourage the public to adopt Bitcoin and introduced many more cryptocurrencies to them. Kudos to the Elektra supermarket for this bold move, I wish for the positive an successful outcome of this. I have a question tho, correct me if I’m wrong, but is this some sort of partnership with Bitpay and the supermarket? Because the way I see it, Bitpay would most likely will have the control when it comes to transactions made with Bitcoin.

ya.ya.yo!