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Brazilian Supermarket Steps Into the Digital Asset Payment Age

December 26, 2018

Brazil has announced the use of digital assets for commercial activities such as supermarket payments; close on the heels of its economically struggling neighbour Venezuela’s experiments using the digital currency Petro and its adoption in mainstream commercial activities.

Customers at one of the Brazilian supermarket chains, Oasis Supermercados, can now make purchases using payments in LitecoinBitcoin, and Bitcoin Cash. The organization with 20 cashiers has trained them after seeking first-hand information from local exchanges and learned digital currencies usage using videos.

The manager of the firm Douglas Andrade said that the payment by digital assets is very similar to that of the payment card method. Once the buyer indicates the method, the operator will input the price in realis and the machine will do the conversion into digital assets and the QR code is scanned and payment completed.

Meanwhile, one of the regulatory bodies of Brazil, the Department of Federal Revenue or RFB has begun to monitor the business as well as activities with respect to cryptocurrencies at the earliest, since it has to prevent tax evasion and also stop money laundering.

And it is just not the supermarket chains which will accept digital assets in Brazil now. Another major industry – the road transport industry firms are also exploring the opportunity that comes from the use of these digital assets. 

Viacao Garcia, road transport company has started with these services by allowing their clients to pay with Bitcoin Cash as well as Litecoin since June. Apparently, it is one of the first in the industry to allow digital coins in this category and only Bitcoin was used in the initial stages until it eventually incorporated other alternate coins into the system.

The transporter built for its payments using advanced structure via virtual wallet and allowed purchasing tickets using bitcoins at the website and typically followed the same process as making an online purchase. Similarly at checkout users were offered options for making payment by bitcoin or card and scanning the code which appeared on their screen. The advantage of using the bitcoin option is that there are no banks or other regulatory entities involved in the transactional phases.

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