U.S. retail giant, Kroger has announced it will no longer accept Visa (Visa credit cards) payments in some of its stores, while also notifying its choice to experiment with the Bitcoin BTC payment option.
According to the retail company, “Visa’s fees are the highest of any credit cards accepted by the grocery store and they exceed the store’s margins” as they highlighted a reason for this decision and continue to explore alternatives.
Kroger’s Executive Vice President, Mike Schlotman remarked “Visa has been misusing its position and charging retailers excessive fees for a long time” as he expressed displeasure with the finance company which is due to further increase its payment processing fees in April this year.
Following this announcement, popular crypto advocate Anthony Pompiliano offered to hook the retail store up with Bitcoin’s Lightning payment network nationwide as he tabled the Bitcoin alternative. To this offer, Kroger responded in affirmation through a product manager and will set up a conversation on the move.
A proponent of Ripple (XRP) also tabled the option of Kroger using the xRapid platform powered by the XRP coin for payments at the store, as he went on to reference the recent adoption by Euro’s Exim Bank which ditched popular banking processor platform – SWIFT for the XRP xRapid payment system.
Kroger is the largest supermarket chain and third largest employer in the United States as well as the third largest retailer in the world with its Smith food and drug stores comprising 134 stores across seven (7) states with over 20,000 staff. By implication, this latest ditching of Visa payments by a major brand could set a precedent for more businesses to adopt cryptocurrency (Bitcoin) payment options.
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