Kroger, a grocery chain in the US has decided to leave Visa owing to its inefficiency and high fees. The grocery chain stated that it was looking for an alternative to process payments and make goods cheap and accessible to users.
Holly Menino, a reporter at KUTV 2 News, confirmed the same and tweeted a few days ago that Kroger Stores, including the Smiths, would no longer accept Visa credit cards due to “excessive transaction fees.”
Anthony Pompliano, Bitcoin enthusiast and a partner at Morgan Creek Digital, tweeted,
“Grocery store @kroger is stopping acceptance of @Visa in over 250 stores because of network fees.
Who knows someone on the leadership team there?
The Morgan Creek Digital team will fly to meet them and get them hooked up with the Lightning Network nationwide.”
Kroger protested the enormous fees levied on Visa credit cards and said that they would stop accepting payments via Visa credit cards in April.
The franchise has 142 supermarkets and 108 fuel centers across the US, making it one of the biggest retail chains in the country. Kroger is looking for an alternative with lower fees and according to Pomp’s tweets, they are looking into Bitcoin and Lightning Network as possible options for processing payments.
On 3 March 2019, Pompliano tweeted that he spoke to the Kroger Digital team, hinting that they were a “world-class thinking crew” and that “things were progressing.” If the grocery chain chooses to embrace cryptocurrencies, other companies may soon follow suit.
Weiss Ratings tweeted,
“Bitcoin with Lightening Network may replace #VISA as Kroger 250 grocery stores ditches the card processor. #XRP army pitched in to use XRP instead. To be honest, both technologies are just as good for this use case. #BTC #BTCLN”
“@Kroger won’t use use Bitcoin or any cryptocurrency. @Visa will lower fees by utilizing xRapid/$XRP and then Visa can still be used by Kroger. Or Kroger will do just fine using @Mastercard- which will use $XRP in the background also. No one will use Crypto to pay directly yet.”