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

[24Kt]

I’ve read a couple of times on this thread that Bitpay requires KYC, but I’ve also read elsewhere that this happens when the purchase is for a value of over 3K$ (or a refund of >= 1K$). This article describes the purchasing process, and there is no KYC implied. Nevertheless, bitcoin payment seems to be only available through the store’s website, not in person (as far as I can see), so you’re basically going to provide most of the KYC information to the store as it is (Bitpay will keep at least the email, IP and browser info and email it seems: https://bitpay.com/about/privacy/).

Note: This article includes some explanation as to how Elektra is managing to accept bitcoin as a payment method in the country (by shifting the legal responsibility over to Bitpay, which I figure is part of the legal deal here).

So even if we say, they don't require KYC, you are still providing some of your details like your name & shipping address because you are purchasing online. I thought at first, you can directly pay in the supermarket. But I can understand if they will integrate btc in online purchase because some merchants are indeed starting to include btc in online payment via third partly like bitpay.

However, I hope bitpay is charging reasonable fee here. Because last time that I was supposed to pay my domain site via bitpay, the fee was quite expensive so I just used my debit card instead.

[Slow death]

Great to see more countries opening doors for bitcoin and now we have Mexico registering its support for cryptocurrencies which is a big thumbs up! Am just hoping that the government does not bring laws that will try to suppress this technology in the long term when people keep showing interest for bitcoin and other digital currencies.

It's strange that I don't see many users of this forum claiming to be from Mexico, will it be that Mexico has a large bitcoin community so that there is enough demand for this supermarket to have accepted bitcoin as a payment method. I would like to hear if anyone knows if after this news there were many people who bought things in this supermarket using bitcoin?

[noormcs5]

I’ve read a couple of times on this thread that Bitpay requires KYC, but I’ve also read elsewhere that this happens when the purchase is for a value of over 3K$ (or a refund of >= 1K$). This article describes the purchasing process, and there is no KYC implied. Nevertheless, bitcoin payment seems to be only available through the store’s website, not in person (as far as I can see), so you’re basically going to provide most of the KYC information to the store as it is (Bitpay will keep at least the email, IP and browser info and email it seems: https://bitpay.com/about/privacy/).

Note: This article includes some explanation as to how Elektra is managing to accept bitcoin as a payment method in the country (by shifting the legal responsibility over to Bitpay, which I figure is part of the legal deal here).

So even if we say, they don't require KYC, you are still providing some of your details like your name & shipping address because you are purchasing online. I thought at first, you can directly pay in the supermarket. But I can understand if they will integrate btc in online purchase because some merchants are indeed starting to include btc in online payment via third partly like bitpay.

However, I hope bitpay is charging reasonable fee here. Because last time that I was supposed to pay my domain site via bitpay, the fee was quite expensive so I just used my debit card instead.

If you use a third party for bitcoin payments like bitpay, it will be costly because companies like bitpay will charge you extra cost. The best way is to integrate the bitcoin lightening network into the payment system.
As far as kyc is concerned, its not a big deal, why would you like to hide your identity if you are just buying your grocery from bitcoin and bitcoin is not illegal in your country. 

[freedomgo]

Great to see more countries opening doors for bitcoin and now we have Mexico registering its support for cryptocurrencies which is a big thumbs up! Am just hoping that the government does not bring laws that will try to suppress this technology in the long term when people keep showing interest for bitcoin and other digital currencies.

It's strange that I don't see many users of this forum claiming to be from Mexico, will it be that Mexico has a large bitcoin community so that there is enough demand for this supermarket to have accepted bitcoin as a payment method. I would like to hear if anyone knows if after this news there were many people who bought things in this supermarket using bitcoin?

Well, for me its not surprising as many have started to be aware about bitcoin and i think Mexican people are now engaged in bitcoin since their own supermarket has started to accept bitcoin as a mode of payment. This is a definitely a great strategy to promote bitcoin not just for Mexico alone but also for its neighboring countries. If this promotion will succeed, i think in the next months other big countries might also open their doors for bitcoin and get involve with bitcoin as a legal currency that can be a good payment system.

[qwertyup23]

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.

This is refreshing to see that the market accepts BTC in the wallet that I primarily use. Though I do not have any plans on visiting Mexico anytime soon, this move may soon inspire other markets to integrate this idea and accept cryptocurrencies as a form of alternative currency to their products/services.

Unlike any other local wallet/exchanges, I do think that BitPay offers convenience and reliable transfer fees. Unlike the local exchange that I use to keep my other BTCs, the fees are absurdly high which somehow demotivates me to use it without any incentive providing on their part to us.

[Desmong]

This is interesting see super market allow payment in bitcoin which will also influence other people to do likewise. The rate at which people are adopting Bitcoin these days is surprising  and I know in the main time, many will start adapting to bitcoin method of payment.

[yazher]

If you use a third party for bitcoin payments like bitpay, it will be costly because companies like bitpay will charge you extra cost. The best way is to integrate the bitcoin lightening network into the payment system.
As far as kyc is concerned, its not a big deal, why would you like to hide your identity if you are just buying your grocery from bitcoin and bitcoin is not illegal in your country. 

There's no point hiding your identity when only buying grocery items but the problem here is when they found out you have some huge amount of BTC in your main wallet. that will cause some serious problems to others especially those residing in less protected countries where criminals can hire some policemen to raid your home and plant some evidence just to extract those BTC from you. It's best to have multiple wallets and do things right to avoid such kinds of problems in the future because when you are transparrent someone is always watching you.

[bitterguy28]

Great to see more countries opening doors for bitcoin and now we have Mexico registering its support for cryptocurrencies which is a big thumbs up! Am just hoping that the government does not bring laws that will try to suppress this technology in the long term when people keep showing interest for bitcoin and other digital currencies.

It's strange that I don't see many users of this forum claiming to be from Mexico, will it be that Mexico has a large bitcoin community so that there is enough demand for this supermarket to have accepted bitcoin as a payment method. I would like to hear if anyone knows if after this news there were many people who bought things in this supermarket using bitcoin?

Same question in my part here mate, do mexican really a Bitcoin supporting people as a Supermarket can adopt accepting bitcoin as payment? because if not then the main purpose of this Supermarket is for the people to at least have knowledge for bitcoin and other cryptocurrencies of course.
if this thing happen in my country? then surely i will be a weekly user of bitcoin because i wanted to live cashless and bitcoin will help me achieve this .

[AicecreaME]

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.

It's a courageous move from this establishment to offer a promotional discount to their shoppers by using bitcoin as their payment option. A 20% discount is a huge discount especially if the buyer has a large total of shopping value. I wonder what were the terms and conditions they have set. Maybe there is some sort of capped and minimum spend for this promotion because if there isn't any, I think they will have losses instead of gains. Considering the amount a person can save by paying with bitcoin, they will shoulder it if it wasn't implemented right. So I suppose they have thought thoroughly and calculated already the possible margin of profit and losses before doing this because the duration of the campaign is also quite long.

This kind of action done by small enterprises and establishments will definitely create a ripple effect just like how it started from El Salvador accepting bitcoin as payment and eventually making it legally as their legal tender. I've read that the transaction fees were really negligible and it was a good thing because they won't have to spend a large amount of money over a processing fee unlike before and in other platforms wherein the transactions fees are high and such a pain in someone's pocket. In addition, by doing the promotional campaign, people would be curious about bitcoin which could make them search about it and use it themselves. I hope there would be more and more countries and businesses that would be open about the idea of giving their customers an option to pay in crypto. This could create a positive effect on their citizens and their economy in general, most especially if done continually.

[michellee]

This is interesting see super market allow payment in bitcoin which will also influence other people to do likewise. The rate at which people are adopting Bitcoin these days is surprising  and I know in the main time, many will start adapting to bitcoin method of payment.

Even if that is good news for adopting bitcoin, it needs time to make people use bitcoin to buy in the supermarket. I think they still prefer to use fiat money as usual, especially for people who do not know Bitcoin. But yes, it can increase people's curiosity about bitcoin, especially if there are advertisements about how to use bitcoin in a local store. The adopting of bitcoin will continue and grow as soon as possible, especially if that supermarket can give a discount for people who use bitcoin.

[Pamadar]

If you use a third party for bitcoin payments like bitpay, it will be costly because companies like bitpay will charge you extra cost. The best way is to integrate the bitcoin lightening network into the payment system.
As far as kyc is concerned, its not a big deal, why would you like to hide your identity if you are just buying your grocery from bitcoin and bitcoin is not illegal in your country. 

There's no point hiding your identity when only buying grocery items but the problem here is when they found out you have some huge amount of BTC in your main wallet. that will cause some serious problems to others especially those residing in less protected countries where criminals can hire some policemen to raid your home and plant some evidence just to extract those BTC from you. It's best to have multiple wallets and do things right to avoid such kinds of problems in the future because when you are transparrent someone is always watching you.

It's another case, but yes, it will not be safe if you are residing in a place where securities is not that good.

Once criminals realize that you are holding a huge amount of money into crypto, they will chase you. It's always best to have
additional wallet to secure your fund.

You are protecting not just yourself but your investment, too. Good to see that there's an initiative with OP's post.

[uneng]

Wow, supermarket accepting bitcoin as payment plus 20% discount looks amazing! That is the perfect incentive to people start adopting bitcoin or for those who are adopters already to start using their coins! I congratulate group Elektra for the initiative!

I wished something similar disponible in my country. I dream about paying for my supermarket daily expenses with bitcoin, especially if there is a generous discount involved.

After reading these news I'm hopeful this measure is going to be reproduced by supermarkets companies from another countries as well (mine included).

[nelson4lov]

Wow, supermarket accepting bitcoin as payment plus 20% discount looks amazing! That is the perfect incentive to people start adopting bitcoin or for those who are adopters already to start using their coins! I congratulate group Elektra for the initiative!

I wished something similar disponible in my country. I dream about paying for my supermarket daily expenses with bitcoin, especially if there is a generous discount involved.

After reading these news I'm hopeful this measure is going to be reproduced by supermarkets companies from another countries as well (mine included).

I don't really know the situation around regulations for Bitcoin and cryptos in the country where Elektra supermarket but I feel like it is crypto-friendly and that's why they can accept Bitcoin for payments. So it would take a while before other countries follow suit as the regulatory situation for Bitcoin becomes clearer. In my country, commercial banks are authorized to close accounts that indulge in crypto not to talk about a business accepting bitcoin as payment for goods.

[sheenshane]

This is interesting see super market allow payment in bitcoin which will also influence other people to do likewise. The rate at which people are adopting Bitcoin these days is surprising  and I know in the main time, many will start adapting to bitcoin method of payment.

Even if that is good news for adopting bitcoin, it needs time to make people use bitcoin to buy in the supermarket. I think they still prefer to use fiat money as usual, especially for people who do not know Bitcoin. But yes, it can increase people's curiosity about bitcoin, especially if there are advertisements about how to use bitcoin in a local store. The adopting of bitcoin will continue and grow as soon as possible, especially if that supermarket can give a discount for people who use bitcoin.

I have doubt that the owner of that supermarket is also a crypto enthusiast or Bitcoin holder who is inspired by holding Bitcoin.  Because if not, that is quite hard because people should understand how the price will fluctuate and how it will have an effect if they are holding Bitcoin and suddenly dump.

Adopting Bitcoin now was continuously spreading and there are more institutions, companies, and individual investors.  I didn't surprise if one day, there will be someone who follow that sage.  Bitcoin is very useful, not only storing value and Mexico was proved that using it's also good upon making transactions.

[Vaculin]

This is interesting see super market allow payment in bitcoin which will also influence other people to do likewise. The rate at which people are adopting Bitcoin these days is surprising  and I know in the main time, many will start adapting to bitcoin method of payment.

Even if that is good news for adopting bitcoin, it needs time to make people use bitcoin to buy in the supermarket. I think they still prefer to use fiat money as usual, especially for people who do not know Bitcoin. But yes, it can increase people's curiosity about bitcoin, especially if there are advertisements about how to use bitcoin in a local store. The adopting of bitcoin will continue and grow as soon as possible, especially if that supermarket can give a discount for people who use bitcoin.

I have doubt that the owner of that supermarket is also a crypto enthusiast or Bitcoin holder who is inspired by holding Bitcoin.  Because if not, that is quite hard because people should understand how the price will fluctuate and how it will have an effect if they are holding Bitcoin and suddenly dump.

Adopting Bitcoin now was continuously spreading and there are more institutions, companies, and individual investors.  I didn't surprise if one day, there will be someone who follow that sage.  Bitcoin is very useful, not only storing value and Mexico was proved that using it's also good upon making transactions.

Most likely, the supermarket owner is crypto enthusiast and knows the real value of bitcoin will become bigger as years go by. So the promotion will definitely help for its fast adoption as people will be more curious about bitcoin and how to own and use it for good. Although fiat will not be totally replace by it, but it will develop more awareness on the people and once they will start using it, they'll probably use it again because of its convenience and very fast transaction.

[Shasha80]

This is interesting see super market allow payment in bitcoin which will also influence other people to do likewise. The rate at which people are adopting Bitcoin these days is surprising  and I know in the main time, many will start adapting to bitcoin method of payment.

Even if that is good news for adopting bitcoin, it needs time to make people use bitcoin to buy in the supermarket. I think they still prefer to use fiat money as usual, especially for people who do not know Bitcoin. But yes, it can increase people's curiosity about bitcoin, especially if there are advertisements about how to use bitcoin in a local store. The adopting of bitcoin will continue and grow as soon as possible, especially if that supermarket can give a discount for people who use bitcoin.

We've all been using fiat for too long in our day-to-day transactions, so I agree with you, it still takes time for people to want to use Bitcoin as payment.
It is possible that more people still choose to use fiat than Bitcoin. At least the supermarket did a very good thing by giving a 20% discount if using Bitcoin,
that's a pretty interesting promotion so that more people are interested in using Bitcoin and hopefully the promotion goes well. It's a good start if there
are supermarkets that accept Bitcoin payments, at least this makes the adoption process even more improved. Positive things like this are very necessary
and can make Bitcoin more popular, then more and more people will start to be interested in learning Bitcoin. Because we know there are still very
many people in this world who don't know Bitcoin.

[GeorgeJohn]

It's quite understandable and acknowledgeable that many institute will adventure into cryptocurrency and also accept their the uses of it, the massive adoption of cryptocurrencies is making all business sector to embrace exchanges of goods and services with cryptocurrency and more especially bitcoin, i believe that since a super market in Mexico can run shopping wiy Bitcoin for transaction and rumors Carrie's around other potential and capable supermarket will also follow their finger print.

[livingfree]

Good news.

Fees in transferring isn't that much so it's really an ideal move that they've made. We wish that there will be more supermarkets that will do the same for this year.

Especially those that are very popular, they've got nothing to lose since they'll just have to use a third party service which will convert bitcoin's paid to them.

[Obito]

In fact, this kind of benefit brings us great good news.We have heard before that Bitcoin is traded in shopping mall restaurants and many more in different countries.Demand for this specialty has grown significantly as a result of recent corporate scandals.We will see something better in the future. It seems to me that soon Bitcoin will start trading all over the world.

Indeed a good news and I think that introduction of bitcoin as a means of transaction to the market is the best thing to do because when people adapt, they will eventually get used to using bitcoin or any other crypto for buying or selling goods and then when that happens, it gets adopted easily and even with the government trying to fight it, people will defend it as they're familiarized to it already.

[michellee]

I have doubt that the owner of that supermarket is also a crypto enthusiast or Bitcoin holder who is inspired by holding Bitcoin.  Because if not, that is quite hard because people should understand how the price will fluctuate and how it will have an effect if they are holding Bitcoin and suddenly dump.

Adopting Bitcoin now was continuously spreading and there are more institutions, companies, and individual investors.  I didn't surprise if one day, there will be someone who follow that sage.  Bitcoin is very useful, not only storing value and Mexico was proved that using it's also good upon making transactions.

Maybe the owner is a crypto user but not a crypto enthusiast because if he is a crypto enthusiast, he will suggest his employee have a crypto investment. He can start a workshop to introduce bitcoin to his employee first and then people around his circle and then begin to accept bitcoin for his business. Most people can not yet accept the volatility of bitcoin price and most likely, they will use bitcoin as their investment instead of using it as a payment system.

It will be more good news if those people can use bitcoin for both ways, payment system and investment system because that means bitcoin will spread among them and their circle. Yes, the adoption of Bitcoin has now become fast compared to a few years ago because of the impact of the bitcoin price itself. So people see bitcoin as a new way to them.

We've all been using fiat for too long in our day-to-day transactions, so I agree with you, it still takes time for people to want to use Bitcoin as payment.
It is possible that more people still choose to use fiat than Bitcoin. At least the supermarket did a very good thing by giving a 20% discount if using Bitcoin,
that's a pretty interesting promotion so that more people are interested in using Bitcoin and hopefully the promotion goes well. It's a good start if there
are supermarkets that accept Bitcoin payments, at least this makes the adoption process even more improved. Positive things like this are very necessary
and can make Bitcoin more popular, then more and more people will start to be interested in learning Bitcoin. Because we know there are still very
many people in this world who don't know Bitcoin.

Indeed. With many promotions about bitcoin, that will make people realize that they now have a different payment system besides the existing payment that they already used before, which can also work as their investment. But still, it needs more introduce to those people to open their mind because it will not easy if they already used the usual way for years. Giving a discount can attract them to have a curiosity about what is bitcoin, so we hope that the Supermarket has a place for people who want to know more about bitcoin. It will help them understand how bitcoin works and what benefits they can get from it.