Spar launches stablecoins and cryptocurrency payments nationwide in Switzerland

Spar will launch cryptocurrency and stablecoin payments in 300 supermarkets in Switzerland through Binance Pay and DFX.swiss, marking a first in the country's retail industry.

Spar launches stablecoin and cryptocurrency payments nationwide in Switzerland

Global grocery giant Spar is enabling stablecoin and cryptocurrency payments in its Swiss stores, which the company says will be the first nationwide rollout of digital asset payments in the retail sector.

According to an announcement shared with Cointelegraph on Thursday, the grocery chain is partnering with Binance Pay and Swiss fintech firm DFX.swiss to allow customers to pay using over 100 cryptocurrencies and stablecoins.

The service is already live in 100 Spar stores and will expand to the remaining outlets in the coming months. A Spar spokesperson stated that there is no confirmed timeline for a full rollout across the national Spar network.

This marks the first nationwide launch of cryptocurrency payments in Switzerland's retail industry. The growing adoption of cryptocurrencies by retail giants like Spar could inspire more mainstream trust in crypto payments.

Source: Spar

A DFX.swiss spokesperson told Cointelegraph that while the rollout to 300 Swiss stores is planned for "the coming months," there is "no confirmed timeline" for a launch across the entire national Spar network.

Stores marked in red in the image above have already launched cryptocurrency payments, while those marked in yellow are preparing to launch. Source: DFX.swiss

Cryptocurrency payments can save merchants two-thirds of card fees

André Scherrer, General Manager of Spar Switzerland, said that cryptocurrency payments can help merchants save up to two-thirds of fees compared to traditional card payments.

In an announcement shared with Cointelegraph, he wrote that such "smart wallet payment solutions" represent the future of the retail industry due to growing customer demand.

Spar grocery payments will be gas-free and settled in Swiss francs or other currencies upon request through the DFX.swiss interface.

Customers need to scan a QR code via the Binance Pay app, then select their preferred token, which will be automatically converted to Swiss francs for Spar.

A growing number of major brands are adopting cryptocurrency payments, especially in Switzerland, one of Europe's most crypto-friendly jurisdictions. According to BTCmap data, over 1,000 stores in the country already accept Bitcoin (BTC) payments.

Businesses accepting Bitcoin payments in Switzerland and Europe. Source: BTCmap

The news comes four months after the country's first Spar, located in Zug, Switzerland, adopted Bitcoin payments via the Lightning Network, which Cointelegraph reported on April 18.

Bitcoin payments at Spar in Zug, Switzerland. Source: Rahim Taghizadegan

In 2023, the Swiss city of Lugano adopted Bitcoin and Tether (USDT) for all municipal fees, a first among any city administration worldwide.

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