South African fintech Ukheshe has announced it now offers cryptocurrency payments through its Scan to Pay app.

Scan to Pay – previously Masterpass – is used by more than 600 000 merchants, 14 banks and fintech companies, and 94 payment service providers.

“This new partnership will seamlessly introduce more crypto payment options to mainstream South Africa through the Scan to Pay app,” Ukheshe said in a statement on Thursday.

Tracy-Lee Schoeman, who heads loyalty and rewards at Ukheshe, said in the statement that the rise of cryptocurrencies has created a “new wave of opportunities for performing financial transactions”.

“Cryptocurrency payments have the potential to transform the way people transact with lower fees, faster settlement times and greater financial sovereignty – something Ukheshe is excited to offer through Scan to Pay,” she said.

Ukheshe is offering the crypto solution in partnership with crypto specialist Xion Global, whose CEO, Ronan Quarmby, estimates that 12.5% of South Africans own crypto.

Ukheshe explained how the crypto solution works: “Users can expect a seamless payment process akin to traditional payment methods. After linking their Metamask wallet, the customer will simply scan a QR code on their receipt, check the amount in the Scan to Pay app, select ‘pay with crypto voucher’, and complete the transaction in one click.”

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“In addition to one-click multi-chain payments, Xion Global’s infrastructure also incorporates robust security features such as AML, KYC, KYB and KYT to protect against unauthorised funds and deter malicious merchant actions,” it said. — © 2023 NewsCentral Media