South African firm moves to enable crypto-powered payments

BREAKING NEWSSeptember 29, 2023 at 12:20 PM UTC

Scan to Pay, Powered by Ukheshe, has partnered with Xion Global to offer crypto payments on the Scan to Pay app.

The platform is reportedly the largest QR ecosystem in South Africa, used by more than 600,000 vendors, 14 banks and fintech companies, and 94 payment service providers. Now, this new partnership aims to seamlessly introduce more crypto payment options to mainstream South Africa through the Scan to Pay app.

Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, says the rise of cryptocurrencies has created a new wave of opportunities for performing financial transactions. “Cryptocurrency payments have the potential to transform the way people transact with lower fees, faster settlement times, and greater financial sovereignty – something Ukheshe is excited to offer through Scan to Pay.”

Key Takeaways

A Deloitte survey reveals that about 75% of US retailers plan to add cryptocurrency and stablecoin payment options soon. This trend extends to South Africa, where major retailers and smaller shops already accept cryptocurrency. In South Africa, 83% of business owners aged 18-44 are involved, with 52% having used cryptocurrency for purchases, indicating growing adoption. Moreover, 94% of business owners recognize the benefits of integrating cryptocurrency payments. As web3 payments advance, particularly in emerging markets, South Africa seems poised to lead the way in Africa's cryptocurrency adoption and the transformation of online transactions.