South African payment platform Stitch has introduced “Pay With Crypto,” enabling customers to make payments with cryptocurrency while businesses receive settlements in rand. Users can send bitcoin or ether directly, or utilise crypto balances from their Valr or Binance wallets.
Stitch developed this functionality through the Valr Pay API, a move that Valr’s Head of Growth, Blake Player, views as an exciting expansion of options for customers in South Africa’s e-commerce market.
The integration is part of the broader trend in cryptocurrency adoption in South Africa. Stitch President Junaid Dadan highlights that South Africa has consistently ranked among the world’s leaders in cryptocurrency adoption. According to Finder’s cryptocurrency adoption index, over four million South Africans currently possess digital assets. The country boasts a commendable crypto adoption rate of 10%, encompassing a diverse array of cryptocurrencies like Ethereum, Dogecoin, and the leading player, Bitcoin.
Stitch’s Pay With Crypto is designed to cater to a substantial audience preferring crypto payments, offering clients the opportunity to serve this market without directly shouldering volatility risks.
The payment process involves customers selecting “Pay with crypto” at checkout, choosing their preferred wallet and cryptocurrency, confirming their mobile number through OTP verification, and completing the payment via their wallet app using an on-screen QR code. Stitch then converts the crypto to ZAR and settles merchants in ZAR on the following business day.
Stitch emphasises that virtually any business accepting digital payments can now offer Pay with Crypto, highlighting the simplicity and accessibility of the system for both customers and businesses alike.
Examining Stitch’s ‘Pay With Crypto’ as a Forward-Thinking Approach in South Africa’s Digital Payment Landscape.
Looking ahead, “Pay With Crypto” by Stitch represents a forward-thinking approach to the dynamic world of digital payments in South Africa. The integration with Valr’s Pay API not only expands the options available to customers but also reflects the broader trend of cryptocurrency integration in the country. As South Africa continues to lead in crypto adoption, Stitch’s initiative positions it at the forefront of innovation, fostering a financial landscape that embraces the future.
From a user perspective, Stitch’s “Pay With Crypto” emerges as a commendable addition to the options available in the digital payment realm. The user-friendly process, from selecting crypto at checkout to the seamless conversion to ZAR, reflects a thoughtful consideration of customer preferences. By offering simplicity and accessibility, Stitch ensures that a wider audience can embrace cryptocurrency payments, underscoring its commitment to meeting the evolving needs of both consumers and businesses.
