Paycorp empowering crypto transactions in South Africa

Paycorp empowering crypto transactions in South Africa

Time Stamp: November 21, 2023 1:00 AM
  • Since 1998, Paycorp has dedicated itself to resources and working to provide more accessible ways to send and receive money.
  • Currently, there are only 27 Crypto ATMs in Africa, and South Africa contains the majority, with 21 crypto ATMs.
  • PayCorp’s official announcement states that CrytoExpress will integrate a used crypto wallet throughout 3000 crypto-enabled Cash Express ATMs across South Africa.

As the year draws to a close, African industry has proven its resilience towards the changing tides. After the FTX fiasco, the continent experienced a significant trading volume decline. Local crypto-based organizations like Lazerpay had to shut down their operations due to the aftereffects of the most significant crypto scam. Despite these trying times, the rate of crypto payment gateway has significantly increased.

Today, more global payment organizations have set up shop in several African nations to bridge the gap between crypto and fiat. For instance, Nigeria, Kenya, and Tanzania have significantly progressed, with their governments taking initiatives to advocate for blockchain-based technology.

South Africa’s crypt ecosystem has outshined its peers through this positive growth. Its government recognized digital assets as financial products and is almost completing Africa’s first regulatory framework, allowing the nation an opportunity to profit from its vast crypto trading volume.

In recent developments, SA’s crypto ecosystem has caught the eye of global payment company Paycorp. According to its latest announcement, Paycorp will roll out a new application, CryptoExpress. This new application will enable users to directly withdraw their cryptocurrency as cash through about 3000 ATMs in the country.

Paycorp is bridging the gap between crypto and fiat.

In a previous article, we highlighted several issues that have slowed Africa’s crypto adoption rate. The lack of awareness and educational centers has plagued the continent, forcing a rather bleak reputation for cryptocurrency. Among the many remedies, we highlighted the need for more crypto infrastructure.

Crypto infrastructure like crypto ATMs, Payment gateways, and physical offices give the entire industry a sense of tangibility to users. It reduces the complexity of utilizing one’s cryptocurrency by removing the need to convert digital assets through various gateways before using it. 

Currently, there are only 27 Crypto ATMs in Africa, and South Africa contains the majority, with 21 crypto ATMs throughout the nation. This initiative and its government’s digital currency support have set the country apart from its peers. Today, SA’s crypto ecosystem thrives as an example of how a positive outlook on crypto can significantly aid a country.

The region’s positive outlook has eventually caught the eye of Paycorp, a global payment gateway seeking to enter Africa’s crypto sphere.

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Paycorp officially launched Crypto Express in South Africa enabling users to withdraw their cryptocurrency from over 3000 ATMs.[Photo/Medium]

Paycorp has announced its latest application, CryptoExpress, a user-friendly app tailored to bridge the gap between crypto and fiat. PayCorp’s official announcement states that CrytoExpress will integrate a used crypto wallet throughout 3000 crypto-enabled Cash Express ATMs across South Africa. This was possible since most of SA’s ATMs operate through ATM Solutions, a subsidiary of Paycorp.

How it works

CryrpoExpress will be compatible with Android and iOS devices to overhaul its scalability. In addition, Paycrop designed an application to integrate different crypto wallets.

To convert their crypto to fiat, users must first convert their crypto through the application. Afterward, they will authorize the transaction in their crypto wallets and wait for CryptoExpress to send them a withdrawal voucher pin. Once received, users can visit any Cash Express ATM and acquire their hard-earned crypto assets in South African Rand.

CrytoExpress offers cash out for Bitcoin, Ether, USD Coin, and Tether to avoid any volatility issues in the future. The application also utilizes real-time on-cain transaction hedging, allowing users to enjoy a fixed exchange rate throughout the transactions. This generally means any transaction facilitated through CryptoExpress will remain unaffected by volatile crypto exchange rates.

Also, Read Visa and VALR Forge Historic Partnership to Transform South Africa’s Crypto Landscape.

Steven Kark, group CEO of Paycorp, said, “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 urban and rural areas, making them easily accessible for most South Africans. 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.

The positive trajectory of SA’s crypto ecosystem

Paycorp launching CryptoExpress at this time is no mere coincidence. SA’s crypto ecosystem has made numerous milestones, and the goals of CryptoExpress align with the government’s plans. In addition, it also enables PayCorp to position itself as a comprehensive financial services provider.

Since 1998, Paycorp has dedicated itself to resources and working to provide more accessible ways to send and receive money without the hindrance of banking systems. As blockchain technology showcased its revolutionary concept, Paycorp kickstarted a new objective: bridging traditional and emerging payment systems.

At the beginning of 2023, South Africa’s Advertising Regulatory Board (SARB) introduced a new clause that informs crypto-related advertisements and how best to integrate them into the country’s economic activities. Fortunately, Paycorp acquired a SARB license and kickstarted the testing phase of CryptoExpress in April.

This latest feature underscores the continuous innovation in Africa’s fintech industry and highlights the rapid growth of crypto payment systems. Paycorp has shown the world that traditional ATMs can integrate blockchain technology without losing significance. CryptoExpress is a tangible accomplishment showcasing the growing rate of 4IR technology.

Also, Read CoinFlip expands the Bitcoin ATM network to boost South Africa’s crypto advancements.

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