Uroš Kalinić, Member of the Management Board of Konzum in charge of finance and IT, said: “The introduction of cryptocurrency payments is another indicator that Konzum is constantly following global trends, introducing innovations, and setting the standard in the retail sector. We continue to invest in the development of innovations and technologies in order to remain the first choice for our customers and to be a next-generation retail chain that provides a premium shopping experience.”

Konzum is introducing crypto payments in cooperation with the domestic fintech company Electrocoin and their PayCek system, the first Croatian cryptocurrency payment processor. Nine different cryptocurrencies that will be accepted for payment in Konzum’s online store are bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, DAI, ripple (XRP), stellar lumen (XLM), tether (USDT), and USDC.

The process of paying with cryptocurrencies is simple and similar to card payments. When completing the product selection, the customer will be able to choose the cryptocurrency payment option and the system will offer 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 their personal cryptocurrency wallet. By confirming the transaction, they will make the payment and receive a confirmation of the transaction from the PayCek system by e-mail, while Konzum will send out an 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 buyer a fixed exchange rate equivalent in time to successfully initiate the transaction.