— Ozow (@OzowPay) November 27, 2020
Ozow Pay, a crypto-friendly South African fintech startup, has reportedly processed over 1 billion Rand (Approx. $65 million) in November 2020, the largest amount in a single month on the platform.
This significant figure has been attributed to remarkable Black Friday 2020 sales that have seen a huge growth in alternative payment solutions as more consumers shift to shopping online.
The biggest single transaction via Ozow Pay during the 2020 Black Friday period was R500, 000 (About $32, 700)
Speaking about this milestone, CEO & Co-Founder of Ozow Pay, Thomas Pays, said:
““It’s astounding to see how popular instant payment solutions have become. A growing number of South Africans are using instant payments because of its sheer ease of use and security.
Digital payments have also help drive financial inclusion by opening up the online shopping universe to people who don’t have debit or credit cards.”
“When we enable people who do not have debit or credit cards to pay online, we draw people into the mainstream economy. This isn’t just changing the commerce landscape. It’s changing people’s lives and we are so grateful to be part of this financial revolution”.
~ Thomas Pays, CEO, Ozow
The Ozow payment gateway acts as a proxy between the buyer/customer and the bank and the result is instant and secure payments.
Ozow is not an app that you have to download and save your online banking details or credit card and debit card details. You simply go onto the site from which you wish to make a purchase.
Ozow Pay is one of the payment platforms that has been integrated and used by a number of South African crypto exchanges, most notably, the iCE3X exchange, one of the oldest exchanges in the country, and AltCoinTrader, a popular exchange offering instant EFT withdrawals from any bank account in South Africa.
The recent boom in transaction volumes on Ozow Pay underpins South Africa’s leadership in the digital payments space in Africa now at triple-digit growth in the last one year. This is also a further confirmation that the eCommerce space on the continent is still in its nascent stages and alternative payment methods, including cryptocurrencies, will drive the space.
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