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Major US Grocery Chain Kroger to Halt VISA Payments, Plans to Accept Bitcoin

March 05, 2019 16:50
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Kroger, the US’s fourth largest private sector employer and supermarket chain with 142 stores and 108 fuel stations is now ditching services from VISA and contemplating to shift towards cryptocurrencies. The supermarket chain has around 20,000 employees spread across the seven US states.

The supermarket chain will halt VISA payments from all its stores and fueling station this April in protest to payment processor’s excessive transaction fees. And, from here, the supermarket chain is actively considering the introduction of crypto as an alternative payment option.

Mike Schlotman, the CFO of the profitable supermarket chain said:

“Visa has been misusing its position and charging retailers excessive fees for a long time. At Smith’s, Visa’s credit card fees are higher than any other credit card brand that we accept.”

To cash in on the opportunity, Morgan Creek Digital partner and Bitcoin evangelist Anthony Pompliano has said that his team will willing to meet the Kroger executive to explore the use of Lightning Network-enable Bitcoin as a low fee alternative to VISA.

Later on March 3rd, Pompliano has tweeted that he has spoken to Kroger executives and is helping the grocery chain to add crypto payments. If the adoption by Kroger is successful, then it would be a very big development for the cryptocurrency industry.

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