Stitch launches feature to allow South Africans pay with crypto
Stitch, a South African payments infrastructure company, has unveiled a new payment method named "Pay with crypto." This feature empowers businesses to cater to an expanding customer base interested in purchasing goods and services using cryptocurrency. With this functionality, customers can make direct transactions with crypto and have settlements processed in ZAR.
Established in February 2021, Stitch specializes in providing payment infrastructure solutions that facilitate faster business scaling and increased operational efficiency. The Stitch payments API and accompanying tools streamline the integration of businesses across various sectors with the financial system, ensuring seamless and enjoyable experiences for users.
Through the Pay with Crypto option, South African businesses can give their customers the flexibility to either make deposits or complete transactions using cryptocurrency from their VALR or Binance wallets. Alternatively, customers can directly send Bitcoin or Ethereum. The businesses will receive settlements in ZAR, providing them with a convenient solution to navigate and mitigate currency volatility.
Key Takeaways
Cryptocurrency usage has surged in South Africa due to concerns about international money transfers and economic uncertainty. The Cullen Commission reports that South Africa ranks 7th globally in cryptocurrency adoption. About 7.7 million South Africans own digital assets, with Bitcoin, Ethereum, Ripple, and US Dollar Tether (USDT) being the most popular. The country's well-established financial markets, stringent regulations (recently classifying crypto assets as regulated financial products), and accessible trading platforms contribute to this growth. A BitPay report notes a global trend of consumers seeking crypto payment options, leading to an increasing number of businesses accepting direct crypto payments. Worldwide, around 15,000 businesses, including major names like Microsoft, ATT, Burger King, Subway, and KFC, are now part of this crypto acceptance trend.
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