Amidst widespread economic turmoil in Venezuela, cryptocurrency adoption is reaching a countrywide pharmacy chain.
Farmarket, a pharmacy franchise with 22 store locations throughout Venezuela, is now accepting several cryptocurrencies including Bitcoin, Bitcoin Cash, DASH and DAI for payments. Consumers can transact crypto to purchase personal care products, goods and medicine through the company’s payment provider Xpay.
XpayCash point-of-sale (PoS) processing is supported by Colombian trading platform Panda Group, Xpay’s parent company. It allows merchants to choose the exact percentage of funds they want to withdraw in either crypto or local currency.
La expansión de los puntos de venta fÃsicos para pagos con #Bitcoin y #criptomonedas se está afianzando en nuestro paÃs. El equipo de Panda Group dio a conocer la instalación de uno de sus puntos de venta fÃsicos, en la cadena farmacéutica venezolana Farmarket, en Caracas. pic.twitter.com/gALWiIZlaZ
— Petro Divisa (@PetroDivisa) August 26, 2019
Panda Group has been a key player in helping to build up the country’s crypto infrastructure. The exchange has worked with Dash Core and Maker Dao (DAI) as well as crypto kiosk supplier Athena Bitcoin to install a crypto ATM on the border of Colombia and Venezuela.
According to the announcement, Xpay is launching in three locations in Caracas before rolling out to the other pharmacies.
“This network of businesses will be the first Venezuelan chain to adopt the payment processor and enter the environment of new financial technologies…
The intention of the team behind Xpay has been focused on getting this service to numerous stores and merchants for both Colombia and Venezuela, in order to provide a more friendly and familiar way to make and receive payments with cryptos, which in turn allow promoting its adoption in everyday life.”
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