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Croatia announces plans to launch crypto payments

Croatia announces plans to launch crypto payments
Croatia announces plans to launch crypto payments

One of the largest retail chains in Croatia, Konzum, has announced that it has launched an option for people to make payments with cryptocurrencies. This option will be available for shoppers using the retailer’s online store.

Following this move, Konzum will be the first local retailer in Croatia to integrate cryptocurrencies into their payments option.

Croatia’s retailer to allow crypto

The crypto sector is going mainstream, which can be evidenced by the growing use cases for cryptocurrencies and the high level of crypto adoption globally. The boom of online shopping has also played a role in the growing use of cryptocurrencies for payments.

Konzum is a food retailer that is part of the Fortenova Grupa. The latter is the largest food producer and retailer in the Balkan region. This means that the integration of cryptocurrencies will have a large target group of Croatians who rely on the retailer.

The statement from Konzum stated that “paying with cryptocurrencies is currently possible in our online shops, but soon we plan to introduce it in other shops across the country.”

The Konzum food retailer chain not only targets locals in Croatia but also foreign visitors in the country. The addition of cryptocurrencies as a payment method will therefore have a real use case, as it will be convenient for foreign shoppers.

Konzum to support nine cryptocurrencies

Additional details regarding the use of cryptocurrencies in Konzum mention that the retailer will accept nine of the most popular cryptocurrencies. These include Bitcoin, Ethereum, Bitcoin Cash, EOS, DAI, Ripple, Stellar Lumen, Tether and USDC.

These cryptocurrencies will be used on the retailer’s online shop. Moreover, they will be used to purchase more than 12,000 products that are on offer on the retail platform.

The ability for retailers to pay for products bought on the retail platform using cryptocurrencies has been made possible by the partnership between Electrocoin, a fintech firm based in Croatia, and the PayCek system, the first crypto payment processor firm in Croatia.

The adoption of cryptocurrencies in Croatia comes as the European region seeks to regulate cryptocurrencies. Recently, the European Council announced that it had approved two regulatory frameworks for cryptocurrencies. These frameworks would protect investors and support firms offering digital services.

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