The US retail Giant, Kroger considers adopting bitcoin and lightning network payment systems as it stops accepting Visa credit cards at its Smith food chains and drug stores.
Kroger is the US’ largest supermarket chain in terms of revenue generated. It is also the third largest employer of labour in the country and the third largest retailer in the world. As of December 2018, Kroger is reputed to be operating 2,765 supermarkets and multi-department stores, either directly or through subsidiaries.
On Friday Kroger announced its move to no longer accept Visa credit cards over perceived excessive fees charges. The Smith’s supply chain is made up of 134 food and drug stores across 7 states in the US, employing 20,000 staff.
Kroger’s CFO, Mike Schlotman explained that the card fees charged by Visa are higher than any other credit card brand at Smith’s. In the press release the CFO was quoted saying:
Visa has been misusing its position and charging retailers excessive fees for a long time.
Visa is actually planning to increase fees for the banks processing card payments on behalf of merchants come April. This plan by Visa was met with great disapproval by Kroger Digital, hence, their plan to stop accepting Visa credit cards at their various stores.
In the wake of this development, a popular Crypto enthusiast Anthony Pompliano saw the announcement by Kroger and dove in to take advantage of the circumstance by suggesting a Crypto alternative. “Who knows someone on the leadership team there?” he tweeted and added:
The Morgan Creek Digital team will fly to meet them and get them hooked up with the Lightning Network nationwide.
Few hours later, a product manager from Kroger Digital tweeted a response and set up a conversation with him.
Do you think that retail giants like Kroger will accept Bitcoin and Lightning Network payments? Share your thoughts with us in comment box below.