Kroger, America’s largest supermarket, won’t be accepting Visa credit cards in making transactions with its food and drug chains. Retailers who use Visa in their sales have been charged with higher fees for some time and is set to increase its charging fees yet again this coming April. Kroger CFO Mike Schlotman expressed this concern with the emphasis on Smith’s stores.
Anthony Pompliano made a follow-up to Kroger’s announcement on Twitter by suggesting the retailer utilize cryptocurrency exchange Bitcoin Lightning Network as an alternative process of making transaction.
Pompliano said in his tweet “Who knows someone on the leadership team in there?” as he hoped to get in touch with a contact person from Kroger. A team will introduce Bitcoin Lightning Network at Morgan Creek Digital in striking the deal or partnership. A Kroger Digital product manager soon tweeted on setting up a meeting with the team. Another cryptocurrency exchange, Ripple, reacted to the exchange of tweets between Kroger and Pompliano by suggesting its XRP as a more efficient alternative than Bitcoin Lightning Network.
Smith’s is the second brand of Kroger that stopped Visa transactions in its stores following Foods Co. supermarkets across California. The Kroger brand is the world’s third largest retailer and the third biggest employer in America. It operates 2,765 supermarkets and stores through direct or subsidiary operations.
The deal with Bitcoin Lightning Network is essential and may eventually serve as a solution to Visa transactions. Both parties can surely benefit from each other if they can strike a deal, with Bitcoin Lighting Network potentially gaining exposure to a broader market.