Business
Crypto Payments Go Mainstream in South Africa as Major Brands Join In
From investment to checkout
In South Africa, cryptocurrencies are shedding their “just an investment” label and quietly turning into a genuine payment option. For years, the story was about buying Bitcoin or other digital assets and hoping for growth. Now the story is about using those assets to pay for everyday goods and services.
Big platforms opening new doors
Two of the country’s major crypto exchanges, Luno and Binance, have taken meaningful steps to support payment use cases. Luno Pay now supports the “Scan to Pay” system, which connects to a network with hundreds of thousands of merchants. Meanwhile, Binance Pay has integrated with Zapper, enabling crypto payments across an expanding network of retailers. These moves mean shoppers can use crypto at checkout rather than just holding it on an exchange.
Home-grown fintech helping bridge the gap
Enter local fintech player MoneyBadger, which powers many of these merchant payment integrations. Through a connection with Scan to Pay, the company enables a situation where a shopper pays with crypto, but the merchant receives settlement in South African rands. Big names now accepting the shift include retailers such as Shoprite, Checkers, and Takealot, as well as airtime providers, fuel stations, and phone companies.
The numbers add up
According to recent data, Luno Pay has processed more than R28 million in transactions via some 1,600 merchants, with about 70% of users making repeat payments. Such figures reflect how the behaviour of crypto users is evolving, from “I bought Bitcoin” to “I just used my crypto wallet to buy groceries.”
Why this matters locally
South Africa boasts a young, digitally engaged population, high smartphone penetration, and a payments infrastructure familiar with mobile innovation. That perfect-storm environment means the country could become a regional leader in everyday crypto use. It’s also culturally significant: rather than seeing crypto as a speculative asset for geeks, many South Africans are now using it just like any other form of money.
What retailers see and why they care
For merchants, accepting crypto isn’t about being trendy; it’s about expanding payment choice, attracting new customers, and reducing friction at checkout. Because the mechanics of conversion and settlement (via MoneyBadger, Zapper, or similar) happen behind the scenes, the point-of-sale experience looks much like paying with a card or mobile wallet. The result: more payment options for shoppers, with minimal disruption for sellers.
What’s next
While crypto payments are rapidly growing in the South African market, some challenges remain. Trust and education are still barriers: many people still associate crypto with volatility and risk. Meanwhile, although many merchants convert received crypto into rands immediately, there’s potential for some to hold a portion of their digital revenue in stablecoins or other crypto assets as financial tools improve. That shift could open even more possibilities.
In short, we’re witnessing a quiet but meaningful transition in how South Africans pay. Crypto is no longer solely about “hodling” or speculative trading; it’s becoming something you can spend. And for a country that often leads in mobile financial innovation, this might just be the next big move.
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Source: MyBroadband
Featured Image: TechFinancials
