South African fintech, Stitch, has unveiled a new payment option called ‘Pay with crypto’ enabling customers to make direct payments using their cryptocurrency wallets.
This development comes against the backdrop of the increasing popularity of cryptocurrency in the local market, where reports indicate that approximately 7.7 million South Africans currently possess cryptocurrency.
In an official statement, Stitch emphasizes that the introduction of this new payment method enables local merchants to accept cryptocurrency payments from customers who intend to purchase goods and services.
More consumers are looking to pay with #crypto – and research shows those who do are spending more.
Discover why you should join 15,000+ businesses worldwide accepting crypto as payment and reach more high value customers with Stitch Pay with crypto.https://t.co/z0PIf3Xnrc
— Stitch (@stitchmoneyhq) November 28, 2023
Stitch President, Junaid Dadan, commented:
“Crypto-currency adoption in South Africa has been one of the highest in the world. There’s a massive audience that would prefer to use their crypto to make payments. We’re excited to offer Stitch clients an opportunity to reach and serve this audience, without the need to take on direct volatility risk, thanks to our ‘Pay with Crypto’ method.”
Stitch, which recently raised $25 million and also launched WigWag, a social commerce payment platform for small businesses, offers an application programming interface (API) for businesses to receive payments online. The company operates from offices in Cape Town and Johannesburg in South Africa, as well as Lagos, Nigeria.
Specializing in developing infrastructure, Stitch facilitates the connection between businesses and users’ financial accounts to facilitate smooth and seamless transactions. Among its notable enterprise clients are companies like:
- MultiChoice
- MTN
- The Foschini Group
- Standard Bank’s SnapScan
- Yoco
According to the company, the ‘Pay with Crypto’ feature provides customers with the flexibility to either make a deposit or complete a transaction using cryptocurrency stored in their VALR or Binance wallets. Additionally, users can opt to send Bitcoin or Ethereum directly for the payment.
Stitch says that ‘Pay with Crypto’ is available for any business that accepts digital payments. This includes:
- Online marketplaces
- E-commerce enterprises
- Gaming and trading platforms
- Local and international travel providers
Blake Player, Head of Growth at VALR, comments:
“We’re excited to see yet another partner building on top of the VALR Pay API. The Stitch integration expands the options VALR customers have to spend crypto balances in South Africa in the e-commerce market.
“The interest we’ve had in working with the VALR Pay product has been amazing, and we’re expecting high growth in the volume of crypto payments as it becomes more widely accepted.”
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