Cryptocurrency goes mainstream in South Africa through VALR Pay

Cryptocurrency goes mainstream in South Africa through VALR Pay

Time Stamp: September 12, 2023 1:00 AM
Cryptocurrency goes mainstream in South Africa through VALR Pay PlatoBlockchain Data Intelligence. Vertical Search. Ai.
  • With VALR Pay, users can make instant payments in cryptocurrencies or South African Rands (ZAR) to any cell phone number, email address, or VALR Pay ID, all at no cost.
  • The collaboration between CryptoConvert and VALR Pay aims to enhance and expand the reach of crypto payments to a broader consumer base in Pick n Pay, South Africa.
  • South Africa continues to build on its reputation as a cryptocurrency-friendly jurisdiction.

South Africa has emerged as a promising hub for digital asset adoption. Spearheading this transformative journey is VALR, the largest South African cryptocurrency exchange by trading volume. VALR has recently entered into a groundbreaking partnership with CryptoConvert. Together, they are set to revolutionize how people in South Africa make everyday purchases. By enabling VALR payments at all Pick n Pay South Africa tills across the country. This alliance opens up exciting possibilities for cryptocurrency enthusiasts, traders, and consumers. Marking a significant milestone in the journey toward crypto adoption.

VALR: A pioneer in the South African crypto space

Founded in 2018, VALR has rapidly become a leading force in the South African cryptocurrency ecosystem. Boasting a remarkable track record, the exchange has processed over $10 billion in trading volume. VALR raised $55 million in funding. VALR’s commitment to low fees and diverse tradable cryptocurrencies has garnered a loyal user base. With half a million retail customers and over 800 corporate and institutional clients worldwide, VALR has established itself as a powerhouse in the crypto realm.

The advent of VALR Pay

In June 2021, VALR introduced VALR Pay, an innovative payment solution simplifying crypto transactions. With VALR Pay, users can make instant payments in cryptocurrencies or South African Rands (ZAR) to any cell phone number, email address, or VALR Pay ID, all at no cost. This groundbreaking feature was poised to change South Africans’ engagement with digital currencies. This offers an accessible and efficient means of conducting transactions.

Unlocking Cryptocurrency Payments at Pick n Pay

The recent partnership between VALR and CryptoConvert takes the utility of VALR Pay to new heights. VALR Pay enables customers to use Bitcoin for everyday purchases at Pick n Pay South Africa. PnP is one of the largest supermarket chains in sub-Saharan Africa. Through the VALR mobile app, users can seamlessly make cryptocurrency payments at Pick n Pay South Africa tills. This marking a significant stride toward mainstream crypto adoption in South Africa.

Initially, this feature is available to Android users directly from the VALR App. There are plans for iOS support shortly. iOS users can still leverage VALR Pay at Pick n Pay South Africa by downloading the CryptoQR app. Additionallly, they can progress to set their default wallet to VALR Pay. This inclusive approach ensures that users of various mobile devices can participate in the crypto payment revolution.

The significance of Crypto QR technology

A key enabler of this transformation is crypto QR technology. QR technology powers the acceptance of Bitcoin at Pick n Pay tills nationwide. This technology streamlines the payment process, making it accessible to a wide range of consumers. The user-friendly interface ensures that even those new to cryptocurrencies can make purchases with ease.

VALR’s Vision for Crypto Payments

Blake Player, VALR’s Head of Growth, expressed his excitement about the partnership, noting that it expands the reach of VALR Pay to a much broader audience in South Africa. Furthermore, this development aligns with VALR’s original vision of creating free, fast, and easy peer-to-peer payments, followed by facilitating payment acceptance at merchants. Notably, the acceptance of VALR Pay at over 1,500 Pick n Pay stores across South Africa signifies the realization of this vision. Further bridging the gap between traditional finance and the crypto world.

Farzam Ehsani, VALR Co-Founder and CEO emphasized their commitment to providing tools and infrastructure to the industry. Through their powerful API, other businesses like CryptoConvert can leverage VALR’s technology to create innovative products and services.

CryptoConvert: Pioneering Crypto Payment Solutions

CryptoConvert, VALR’s partner, is a market leader in safe and simple crypto payment acceptance, both online and at the till. Their focus on faster, direct payment solutions differentiates them from voucher-based approaches. In February 2023, CryptoConvert introduced its Lightning payment platform nationally in collaboration with Pick n Pay South Africa. Subsequently, the company has tested an online e-commerce payment offering with select partners.

The collaboration between CryptoConvert and VALR Pay aims to enhance and expand the reach of crypto payments to a broader consumer base in South Africa. Carel van Wyk, Founder of CryptoConvert, lauded the partnership with VALR, stating that it makes crypto payments available to a much larger audience than before. This strategic alliance highlights the cryptocurrency industry’s commitment to open standards and collaborative innovation, benefiting everyone involved.

South Africa’s Positive Regulatory Environment

The successful integration of cryptocurrency payments within a prominent retail giant like Pick n Pay South Africa represents a significant milestone. Moreover, in recent years, the nation has emerged as a global leader in crafting a robust regulatory framework for cryptocurrencies, fostering an environment encouraging technological advancement and widespread acceptance. South Africa’s proactive approach towards cryptocurrency regulation has effectively transformed it into a fertile ground for innovation and adoption.

South Africa’s regulatory journey in cryptocurrencies has been marked by a commitment to understanding the technology and its potential benefits. Rather than resorting to outright bans or restrictions, the country’s regulators have embraced the opportunity to engage with stakeholders, understand the nuances of the blockchain, and craft a regulatory landscape that accommodates innovation while ensuring security and consumer protection. In this conducive regulatory atmosphere, South Africa has become an attractive destination for companies like VALR and CryptoConvert.

A New Era of Crypto Payments in South Africa

The partnership between VALR and CryptoConvert marks a significant milestone in South Africa’s crypto journey. Furthermore, by enabling VALR payments at Pick n Pay tills, these two pioneering companies are ushering in a new era of cryptocurrency adoption in the country. With a strong commitment to innovation, accessibility, and collaboration, they are effectively transforming the way South Africans transact. Moreover, they are bridging the gap between traditional financial systems and the exciting world of cryptocurrencies. This achievement is a testament to South Africa’s forward-thinking approach to digital assets. This highlights its potential to drive transformative change in the financial landscape. As South Africa continues to build on its reputation as a cryptocurrency-friendly jurisdiction, it fosters technological innovation and positions itself as a global leader in the digital economy.

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