Continuing to push a “New Retail” business model in Hong Kong, home-furnishing leader Pricerite provides a wide range of mobile payment methods and is now the first local retail chain to accept cryptocurrencies as payments across all stores. The move is in partnership with Weever FinTech, the crypto brokerage of CASH Financial Services Group (CFSG), and QFPay, a leading mobile payment technology.
Powered by Weever FinTech’s crypto-settlement service and QFPay’s payment technology, Pricerite is accepting Hong Kong dollar-equivalent payments in cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) – with more “high-ranked, high-liquidity” cryptocurrencies to be accepted in due course. In addition to offering crypto payment solutions, QFPay provides Pricerite with other e-wallet acceptance functions to satisfy the evolving needs of different customers.
The crypto payments process is simple. The cashier keys in the price of the goods in HKD on the mPOS (point-of-sales) and selects “crypto payment”. The amount of cryptocurrency payable, calculated based on real-time exchange rate, is displayed along with a QR-code on the mPOS. The customer uses his/her crypto wallet to scan the QR-code and enters his/her wallet password to complete the transaction.
It is worth noting that Alchemy Global Payment Solutions integrates a leading Lightning Network technology to its payment solutions. This significantly reduces Bitcoin (BTC) transaction time from over 10 minutes to just a few seconds for customers using a crypto wallet that supports Lightning Network such as Cobo and Eclair.