In a groundbreaking collaboration, Scan to Pay, the flagship QR ecosystem powered by Ukheshe in South Africa, has teamed up with Xion Global to integrate cryptocurrency transactions into their platform. This alliance marks a significant leap forward for Scan to Pay, offering a wider array of payment options and ushering in a new era of financial flexibility for the public.
The meteoric rise of cryptocurrencies has opened up a world of possibilities in the realm of financial transactions. Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, expressed her excitement about this integration, emphasizing the transformative potential of cryptocurrencies. She highlighted their ability to reduce costs, accelerate settlement times, and provide enhanced financial autonomy, all of which motivated Ukheshe to embrace this revolutionary endeavor.
This move mirrors a global trend towards cryptocurrency adoption. A recent Deloitte report revealed that about 75% of U.S. merchants are either considering or actively incorporating cryptocurrency and stablecoin payments. South Africa is following suit, with major retailers and local spaza shops already embracing cryptocurrencies as viable payment methods.
Xion CEO Ronan Quarmby pointed out that approximately 12.5% of South Africa’s population currently holds cryptocurrencies. A significant majority of these individuals, falling within the 18 to 44 age bracket, are utilizing cryptocurrencies for their purchases. This surge in crypto usage underscores the growing prominence of web3 payments in the nation’s e-commerce landscape.
Despite initial doubts, an increasing number of South African business owners are recognizing the benefits of accepting Bitcoin payments, as local reports have detailed. South Africa is poised to lead the charge in adopting web3 payments in Africa, particularly in developing nations where these transformative financial technologies are poised for rapid expansion.
What sets Scan to Pay’s integration apart is the seamless user experience it offers. Users can simply scan a QR code on their receipt, confirm the transaction amount within the Scan to Pay app, select “pay with a crypto voucher,” and with a single click and their attached Metamask wallet, complete the transaction.
Furthermore, Xion Global has implemented robust security features, including Anti-Money Laundering (AML), Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols. These measures bolster the system against illicit financial activities and unscrupulous merchant behaviors. Additionally, Xion Global is at the forefront of South Africa’s transition to Web3 payments, thanks to its strategic partnership with Polygon Labs. This partnership further enhances the security and efficiency of Scan to Pay’s cryptocurrency transactions, ensuring a safe and reliable payment experience for users.