Announcing Pay with crypto: accept crypto payments, get settled in fiat
We’re excited to announce the launch of our latest payment method: Pay with crypto. Now, the growing class of consumers in South Africa who own cryptocurrencies can use their crypto to pay for goods and services directly.
Today, we launched our latest payment method: Pay with crypto. This is the most comprehensive offering of its kind in the South African market. With this method, Stitch clients can allow a growing set of customers who wish to buy goods and services using crypto to do so directly, and the business will get settled in ZAR. That means they don’t have to worry about exchanging crypto for fiat or managing volatile exchange rates.
South Africa remains one of the most popular markets for cryptocurrency adoption in the world. A study from Binance estimates that around 7.7 million South Africans own cryptocurrency. Many use popular exchanges such as Binance, Luno and VALR to purchase and trade crypto.
It only makes sense that more consumers who own cryptocurrency would prefer to use it to pay for goods and services - and may be more likely to choose a platform or site that accepts crypto directly. Today, the number of businesses worldwide that accept cryptocurrency is estimated to be around 15,000.
With Stitch Pay with crypto, businesses in South Africa can offer customers the option to make a deposit or check out using crypto stored in their VALR or Binance wallets, or send Bitcoin or Ethereum directly. The business will then get settled in ZAR, so they don’t need to worry about managing currency fluctuations.
To pay with crypto, a customer can:
- Choose “Pay with crypto” as their payment method and select their preferred exchange or cryptocurrency
- Confirm their mobile number with an OTP
- Open their wallet or exchange app via an on-screen QR code and follow the steps to complete payment with the appropriate amount of their chosen crypto
- Stitch converts the crypto to ZAR and settles the merchant in ZAR on the following business day
Virtually any business that accepts digital payments can offer Pay with crypto, including:
- Online marketplaces and e-commerce businesses: can broaden their customer reach by offering additional payment methods
- Gaming and trading platforms: can offer users the flexibility to top up their accounts using their preferred cryptocurrencies
- Local and international travel providers: can appeal to a wider user base and enable users to settle payments for international experiences and accommodation packages, while saving significantly on international transaction fees
Businesses that already leverage Stitch for other payment methods can easily add Pay with crypto to their existing integration.
Start accepting crypto payments with Stitch
