Crypto Payments Now Accepted at 650,000 South African Stores

A new integration allows South Africans to spend Bitcoin, stablecoins, and other cryptocurrencies directly at more than 650,000 merchants across the nation.

South Africa has taken a significant step forward in cryptocurrency adoption with a recent partnership involving QR payment provider Scan to Pay and MoneyBadger, a Bitcoin payment company. This collaboration allows users of several major exchanges like Binance and Luno to transact using Bitcoin (BTC) and other crypto assets.

With this integration, crypto users can now pay for groceries, meals, and online shopping through QR codes, facilitating secure payments while receiving settlements in rand. The MoneyBadger platform connects payments directly with the users’ exchanges or Bitcoin Lightning accounts.

Removing the Conversion Barrier

Theo Koma, the product owner at Scan to Pay, highlighted that this partnership promotes financial inclusion: “By removing the conversion step, we’re enabling people to use their cryptocurrency holdings directly.”

This integration indicates that users can directly utilize their crypto assets for everyday purchases without needing to convert them back to fiat currency.

Merchants also benefit from this collaboration since they won’t have to manage additional steps to accept cryptocurrency payments.

Furthermore, Luno announced that this integration links its 30,000 merchant base with Scan to Pay’s extensive 650,000 outlets, bringing payment options to major retailers such as Shoprite, Checkers, Makro, and Vodacom.

A Shift from Holding to Spending

Carel van Wyk, CEO of MoneyBadger, expressed that this launch indicates a broader trend in the local market. “South Africans are increasingly transitioning from holding Bitcoin as an investment to using it for daily expenses,” he noted. This expansion significantly increases the places where Bitcoin can be used for purchases.

Van Wyk urged the community to utilize their Bitcoin holdings, emphasizing that excessive hoarding hampers widespread adoption. He referenced the original vision of Bitcoin as a peer-to-peer electronic cash system, asserting that market demand enhances its utility and encourages merchants to accept BTC payments.