South African startup, Momint, has introduced a blockchain wallet that enables traders to utilize 1Voucher, a vouchering system, to spend their cryptocurrency at more than 10,000 merchants throughout South Africa.
The Momint app allows users to buy a voucher using either Ethereum ($ETH) or $USDC which can subsequently be utilized for transactions at over 10,000 small businesses and spaza shops in South Africa.
According to local reports, supported retailers include:
- Checkers
- Woolworths
- Engen
- Takealot
In addition, users have the flexibility to use their cryptocurrency at various restaurants, as well as with:
- Lift Airlines and
- Intercape
for covering transportation costs.
The app also facilitates transactions with over 5,000 international retailers.
“There’s a number of partners that have come into play to make something like this possible. In this case, 1Voucher is a core partner,” Momint CEO, Ahren Posthumus, told eNCA.
After obtaining a voucher, users can utilize the provided unique 16-digit pin to conduct their payments. Retailers that support 1Voucher payments include:
- Pick n Pay
- Dis-Chem
- Total Energies
- Incredible Connection
- Sportsman’s Warehouse
- Cape Union Mart
- Old Khaki
- Poetry
- Mr D Foods
- Uber Eats
- HiFiCorp
- Vodacom
- Telkom
- MTN
- Cell C
While Momint is not a crypto exchange, its in-app wallet is linked with Transak and BankX external exchanges. As a result, users have the convenience of topping up their cryptocurrency directly from within the Momint app.
Furthermore, the Momint wallet offers the functionality of transferring funds internationally. The company asserts that this can be accomplished at a significantly lower cost compared to traditional methods.
“Using blockchain technology, sending money across borders, as long as you’re doing it within legal frameworks, is incredibly cheap,” said Posthumus.
“It can cost as little as one dollar cent to send money, no matter what the amount is, across borders.”
Momint’s solution is however not one of a kind. In February 2023, crypto firm, CryptoConvert, announced that it had made its CryptoQR platform available at all Pick n Pay stores across South Africa.
“You can now pay with Bitcoin Lightning directly at the till at all Pick n Pay outlets at over 1,500 locations in South Africa. Ask for the ‘Contactless QR’ payment option and use the CryptoQR QR scanner app with your favourite Lightning wallet,” said founder, Carel Cat.
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