A new partnership between QR payment provider Scan to Pay and Bitcoin payment company MoneyBadger means South Africans can now pay with cryptocurrencies at thousands of retail outlets across the country.
According to a report in Tech Central, the integration will enable users of major exchanges including Binance, Luno, Blink, and VALR to pay with Bitcoin (BTC), stablecoins, and other crypto assets at over 650,000 Scan to Pay-enabled merchants.
Cryptocurrency holders can pay for their purchases via a QR code at the checkout counter, and merchants receive payments in Rand. The system works through the MoneyBadger platform and links payments to users’ exchanges or Bitcoin Lightning accounts.
This integration will allow users to pay for groceries, meals, and online shopping directly with cryptocurrencies.
Deleting a user’s encryption conversion step
Theo Koma, product owner of Scan to Pay, said the partnership is a step towards financial inclusion. “By removing the conversion step, we allow people to directly spend their crypto holdings,” Koma said.
This means that cryptocurrency users do not need to transfer funds back to fiat when they want to use their assets for everyday purchases.
Merchants also don’t need to take any additional steps to accept cryptocurrency payments on Scan to Pay’s existing network.
Cryptocurrency platform Luno said the partnership will connect its 30,000 merchant base with Scan to Pay’s 650,000 stores, expanding payments to major retail chains such as Shoprite, Checkers, Makro and Vodacom.
Related: South African ETF issuer warns investors about its Bitcoin fund
South Africans are moving from hoarding to consumption.
MoneyBadger CEO Carel van Wyk said the development reflected broader changes in the local market.
“South Africans are increasingly moving from holding Bitcoin as an investment to using it for everyday expenses,” he said. “This move will significantly expand the number of places South Africans can pay with Bitcoin.”
Van Wyk has previously urged the community to spend Bitcoin, claiming hoarding it will ruin adoptions. On October 2, he pointed to the original vision of Bitcoin’s white paper as a peer-to-peer electronic cash system.
He said market demand will strengthen the utility and create demand for merchants to accept BTC payments.
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