South Africans can now Scan to Pay with Crypto
28-09-2023 08:55:00 | by: Nixon Kanali | hits: 2006 | Tags:

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

Scan to Pay, powered by Ukheshe, is the largest QR ecosystem in South Africa and is used by more than 600,000 vendors, 14 banks and fintech companies and 94 payment service providers. Now, this new partnership will 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.”

A Deloitte survey revealed that almost 75% of retailers in the USA plan to accept either cryptocurrency or stablecoin payments in the near future. And with crypto already available as a payment option at major South African retailers and even spaza shops, it’s clear that the local market is heading in the same direction. 

Ronan Quarmby, CEO at Xion, says approximately 12.5% of South Africa’s population owns cryptocurrency. “With 83% of these owners falling within the 18-44 age group and 52% using crypto for purchases, it’s evident that web3 payments represent the future of online transactions in the country.

With increasing cryptocurrency adoption, South African businesses recognise its potential and 94% of business owners already believe that integrating cryptocurrency payments would be advantageous. As web3 payments continue to evolve rapidly, especially in emerging markets, South Africa is poised to lead the charge in Africa.”

Users can expect a seamless payment process akin to traditional payment methods. After linking their Metamask wallet, the customer will simply scan a QR code on their receipt, check the amount in the Scan to Pay app, select ‘pay with crypto voucher’, and complete the transaction in one click.

In addition to 1-click multi-chain payments, Xion Global’s infrastructure also incorporates robust security features such as AML, KYC, KYB, and KYT to protect against unauthorized funds and deter malicious merchant actions. Furthermore, with their strategic collaboration with Polygon Labs, Xion Global is poised to spearhead the Web3 payments movement in South Africa.

And it’s only the beginning. Says Quarmby: “Xion Global recognised the expansive reach and potential of Scan to Pay, powered by Ukheshe, and this new partnership made absolute sense. The solution will be rolled out in phases. Consumers can benefit from gasless USDT (Polygon) transactions during phase 1, expanding to multi-chain payments in phase 2. Phase 3 will offer cashback rewards, loyalty programs, and discounts at specific Scan to Pay merchants, motivating users to incorporate crypto payments into their daily routines.”

Schoeman says the partnership is another step towards Ukheshe’s ultimate vision of financial inclusion for all South Africans. “As a decentralised form of finance, cryptocurrencies are being embraced by consumers in emerging markets as they help overcome many of the challenges commonly faced when engaging with traditional banks. This partnership merges traditional payment methods with the decentralised world of web3 to reduce transaction fees, enhance incentives, and ultimately increase financial inclusion.”

www.scantopay.io

www.ukheshe.com