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Technology

Brazilian Supermarket Adopts Cryptocurrency For Purchases

A Shibata supermarket in the Brazilian state of São Paulo now accepts cryptocurrency as a payment option for grocery purchases.

The WiBX digital currency, created by local start-up Wiboo, is being used in the São José dos Campos store as part of a pilot project that may be expanded to all of the banner’s 27 shops.

Wiboo has set up interactive spaces for Shibata customers to learn about the Brazilian cryptocurrency.

By downloading the WiBX app and creating a wallet, users can earn digital assets for purchases or receive cash back.

By sharing the app’s link for friends to register, or by making purchases with the currency, users can also receive bonuses that are converted into WiBX.

Currently, one WiBX is equivalent to R$0.045 (€0.009).

Cryptocurrency Labels

On supermarket shelves, consumers can see prices both in the local currency and the cryptocurrency. A 5kg pack of rice costs 444 WiBX (R$20), 1kg of tomatoes costs 138 WiBX (R$6.22), and 1kg of chicken thighs and drumsticks is priced at 276 WiBX (R$12.90).

The WiBX payments at Shibata are made by generating a QR code on the screen of the cashier’s computer, enabling instant payment by the customer via his/her smartphone.

This is possible because the cryptocurrency is integrated into Shibata’s payment system.

The Shibata Group invested R$15 million (€2.9 million) to become a partner in Wiboo, and the retailer noted that these resources will be used to expand operations, contract new staff members, structure business processes, and improve the platform.

The commercial and marketing director of the Shibata Group, Eric Shibata, told UOL that most customers who use WiBX are between 25 and 45 years old.

Elsewhere, Wiboo’s executive director and founder, Pedro Alexandre dos Santos, revealed that the start-up would soon enter partnerships with three other supermarket chains, but without revealing their names.

© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.

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