Konzum Enables Cryptocurrency Payments

Konzum starting Wednesday December 1, 2021 allows customers to pay with cryptocurrencies in its online store, becoming the first retail chain in Croatia to offer such a payment method. Thus, individuals and legal entities, owners of cryptocurrencies, can purchase and pay for groceries, hygiene and household supplies, and other products from the rich offer of Konzum’s online store with over 12,000 items.

– The introduction of cryptocurrency payments is yet another indication that Konzum continuously follows global trends, introduces innovations, and sets standards in the retail sector. As the largest retail chain in Croatia, which has been a continuous leader in the domestic market for nearly 65 years, both in business results and technological achievements, we are proud to be pioneers in yet another rapidly developing area that dictates the future. We continue to invest in the development of innovations and technologies to remain the first choice for our customers and to provide a premium shopping experience as a new generation retail chain –  said Uroš Kalinić, member of the Management Board of Konzum for finance and IT.

Konzum is introducing cryptocurrency payments in collaboration with the domestic fintech company Electrocoin and their PayCek system, the first Croatian payment processor for cryptocurrencies. In Konzum’s online store, customers will be able to use nine different cryptocurrencies – bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, DAI, ripple (XRP), stellar lumen (XLM), tether (USDT), and USDC.

–  For us, this is a significant and important day and in a way a historic date for Croatia. Today, we have practically stood alongside technologically advanced countries like Japan, and we can quickly, easily, and legally pay for groceries with bitcoin or another cryptocurrency. Cryptocurrencies are now entering the mainstream, and we believe this will somehow encourage others to start using cryptocurrencies. This is just the beginning of the widespread application of cryptocurrencies – this has already been recognized by numerous Croatian entrepreneurs and institutions such as the Croatian Post or Greyp of Mate Rimac, and we hope that all the advantages of this modern technology will soon be utilized by others, from hairdressers to large corporations – said Nikola Škorić, founder and director of Electrocoin. 

The process of paying with cryptocurrencies is simple and similar to card payments. At the end of the product selection, the customer will be able to choose the cryptocurrency payment option, and the system will provide a list of those available. After selecting the desired cryptocurrency, the amount in its equivalent will be displayed, and a QR code and payment address will be generated, after which the customer will simply scan the QR code exclusively with a personal crypto wallet. By confirming the transaction, the payment will be executed, and a transaction confirmation from the PayCek system will be sent to their email, while Konzum will send them the invoice for the paid service or product. Given the volatility of the cryptocurrency exchange rate, which can vary from minute to minute, the PayCek system will guarantee the customer a fixed exchange rate equivalent at the time of initiating the transaction, sufficient for its successful execution.

Konzum plans to soon introduce cryptocurrency payments in other stores across Croatia.