Shoppers at independent retailer Manny Patel’s store in Long Ditton, Surrey, will soon be able to buy goods using ‘crypto currency’ Bitcoin.
Customers can opt to pay with Bitcoin by downloading a LazyPay app, which has been devised by crypto currency exchange LazyCoins, and then presenting their phone for scanning at the checkout.
The transaction value in Bitcoin is then transferred into Manny’s account, with the benefit of zero transaction fees, no chargeback and faster payments with daily reconciliation.
He will also be able to instantly exchange Bitcoins into pounds - eliminating any risk from fluctuation in prices.
“This is an affluent area, and lots of my shoppers are aware of what Bitcoin is and how it works,” Manny said.
“It’s great to be able to offer them another service and could act as a strong footfall driver. We are hoping to launch it in a few weeks and it’s already creating quite a talking point.
“Bitcoin is being used to pay for goods and services increasingly widely and in some countries such as Australia it’s huge,” he added.
Bitcoin is a computer representation of money that can be used to pay for goods and services. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.