Hong Kong home-furnishing chain Pricerite has become the first local retail chain to accept cryptocurrencies as payment across all of its stores. The innovation “providing consumers with added payment convenience” is in partnership with Weever FinTech, the crypto brokerage of CASH Financial Services Group (CFSG), and QFPay, a major mobile payment technology.

Powered by Weever FinTech’s crypto-settlement service and QFPay’s payment technology, Pricerite is accepting Hong Kong dollar-equivalent payments in cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) – with more “high-ranked, high-liquidity” cryptocurrencies to be accepted in due course. In addition to offering crypto payment solutions, QFPay provides Pricerite with other e-wallet acceptance functions to satisfy the evolving needs of different customers.

Pricerite CEO James Leung says, “This partnership with Weever FinTech and QFPay breaks new ground in Hong Kong’s retail industry.”

CFSG Executive Director Jeffrey Kwan says, “Weever FinTech is committed to furthering the promotion of cryptocurrency investment and daily uses to increase its liquidity and enhance its intrinsic values. This not only helps retailers manage their digital assets, but also offers investors more flexibility in daily retail purchasing.”

Will Leung, co-founder and general manager of QFPay Hong Kong, adds, “We are truly excited to partner with Alchemy Global Payment Solutions to offer Pricerite the first hybrid fiat-and-crypto digital payment solutions in Asia. As digital payments continue to gain traction in Hong Kong and Asia, QFPay is committed to empowering merchants with the latest payment technologies to help them attract more and better serve their customers.”

The crypto payments process is simple. The cashier keys in the price of the goods in HK dollar on the mPOS (point-of-sales) and selects “crypto payment”. The amount of cryptocurrency payable, calculated based on real-time exchange rate, is displayed along with a QR code on the mPOS. The customer uses his/her crypto wallet to scan the QR code and enters his/her wallet password to complete the transaction.

It is worth noting that Alchemy Global Payment Solutions integrates Lightning Network technology to its payment solutions. This significantly reduces Bitcoin (BTC) transaction time from over 10 minutes to just a few seconds for customers using a crypto wallet that supports Lightning Network such as Cobo and Eclair.