South African fintech, PayCorp, has unveiled CryptoExpress, an app designed to simplify the conversion of cryptocurrencies to cash for South Africans.
The CryptoExpress app seamlessly integrates with users’ cryptocurrency wallets, allowing them to easily convert their digital assets into cash at over 3,000 crypto-enabled Cash Express ATMs nationwide. These ATMs are operated by Paycorp’s subsidiary, ATM Solutions.
Accessible on both iOS and Android platforms, CryptoExpress incorporates cutting-edge encryption technology and robust multi-layer security measures, ensuring the utmost safety for users. The app also comes equipped with an ATM locator feature, aiding users in effortlessly identifying the nearest Cash Express ATM.
To initiate a cash withdrawal:
- Users can convert their cryptocurrency from any crypto wallet using the app
- Following this, they authorize the transaction within their crypto wallet and obtain a withdrawal voucher PIN generated by CryptoExpress
- At a Cash Express ATM, users then utilize this PIN along with their mobile number to receive their cash in Rand denomination
As of now, CryptoExpress supports cash outs for:
- Bitcoin
- Ethereum
- USD Coin
- Tether
The app incorporates real-time on-chain transaction hedging for cryptocurrency sales, ensuring customers a fixed exchange rate throughout the transaction. This feature provides stability, regardless of the fluctuating rates on crypto exchanges.
Steven Kark, Group Chief Executive Officer of PayCorp says:
“PayCorp’s goal is to connect more people to their money, and through launching CryptoExpress we are doing just that. Our ATMs are located at formal and informal retailers, forecourts and hospitality locations in both urban and rural areas, making them easily accessible for the majority of South Africans.”
Referring to recent data from Statista.com, which indicated that 16.7% of South Africans, equivalent to 10.24 million individuals, were cryptocurrency holders, Kark emphasized the statistics portal’s forecasted growth to 15 million by 2027.
“Paycorp remains committed to advancing financial inclusion in South Africa. The introduction of the CryptoExpress app, facilitating cardless withdrawals from crypto wallets at Cash Express ATMs, coupled with our Smart ATM rollout, which combines drop safe and ATM functions, underscores this unwavering commitment.”
