Brazilian Retail Chain Adds Crypto as a Payment Option

A Brazilian supermarket chain called Oásis Supermercados has added cryptocurrency as a payment option.

The Rio de Janeiro-based supermarket operates two retail stores in the country and averages around $6.5 million in annual turnover. The chain employs 90 staff members and has trained all its 20 cash register employees to accept payment in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

According to Douglas Andrade, one of the managers of the chain, the supermarket has added support for three cryptocurrencies - Bitcoin, Bitcoin Cash, and Litecoin.

Andrade also explained that the cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term can be easily done and will not be a complicated process. Mentioning the process, he said: “[It is] too easy. It is the same as the payment by [any] credit card. The client says which cryptocurrency he wants to pay [with], the operator types in reais and the system already converts to that crypto. Then just get the QR code and you're done."

Oasis Supermercados partnered with CoinWISE for the crypto payment gateway setup. The supermarket will convert the received crypto in fiats every three days.

More and More Crypto Adoption

Though cryptocurrencies are significantly popular in Brazil, the country’s authorities still keep an eye on the crypto deals due to the suspicion of tax evasion and money laundering. However, as the digital assets are not banned, more and more businesses are adding cryptocurrency support to attract tech-savvy customers.

Earlier this year, Brazilian GBS Group’s two public transportation companies - Brasil Sul and Viação Garcia - stated accepting Bitcoin, Bitcoin Cash, and Litecoin as payment. Metrô Brasília, one of Rio de Janeiro subway system has also started accepting Bitcoin. Moreover, Technisa, a construction company in Brazil is even providing a discount of five percent to all clients paying in Bitcoin.