South African fintech company Ukheshe has announced the integration of cryptocurrency payments into its Scan to Pay app. This move opens up new opportunities for financial transactions in South Africa.
- Ukheshe’s Scan to Pay app, previously known as Masterpass, is widely used by over 600,000 merchants, 14 banks, fintech companies, and 94 payment service providers. The app now seamlessly incorporates crypto payment options.
- Ukheshe has collaborated with Xion Global, a specialist in cryptocurrencies, to offer the crypto payment solution. Xion Global’s CEO, Ronan Quarmby, estimates that around 12.5% of South Africans currently own cryptocurrencies.
- Tracy-Lee Schoeman, the head of loyalty and rewards at Ukheshe, highlights the transformative potential of cryptocurrency payments. These transactions offer lower fees, faster settlement times, and greater financial sovereignty for users.
- Users can expect a straightforward payment process similar to traditional methods. After linking their Metamask wallet, customers can scan a QR code on their receipt, verify the amount in the Scan to Pay app, select “pay with crypto voucher,” and complete the transaction with a single click.
- Xion Global’s infrastructure incorporates robust security measures such as anti-money laundering (AML), know your customer (KYC), know your business (KYB), and know your transaction (KYT) protocols. These measures protect against unauthorized funds and discourage fraudulent merchant activities.
- The introduction of crypto payments by Ukheshe reflects the increasing adoption and recognition of cryptocurrencies in South Africa. This development aligns with the evolving digital landscape and paves the way for further innovation in the country’s financial sector.