Payments fintech Paycorp has launched a new app that allows users to withdraw their cryptocurrency as cash, in South African rand, at some 3 000 ATMs across the country.
The app, called CryptoExpress and available for Android and iOS, integrates with various crypto wallets, allowing users to withdraw their cryptocurrency as cash at Cash Express ATMs operated by Paycorp subsidiary ATM Solutions.
Cash-outs are available for bitcoin and ether and for the stablecoins USD coin and tether.
The app, which uses encryption and “robust, multi-layer security measures”, includes an ATM locator feature to help users find the nearest Cash Express ATM.
Here’s how it works…
To withdraw cash, users convert their cryptocurrency from any crypto wallet through the app, authorise the transaction in their crypto wallet, and receive a withdrawal voucher Pin generated by CryptoExpress. They can use this Pin and their mobile number at a Cash Express ATM to receive cash in rand.
CryptoExpress features real-time on-chain transaction hedging for the sales of cryptocurrencies, guaranteeing the customer an exchange rate for the duration of the transaction, regardless of constantly changing crypto exchange rates, Paycorp explained.
“Paycorp’s goal is to connect more people to their money, and through launching CryptoExpress we are doing just that,” said Paycorp group CEO Steven Kark. “Our ATMs are located at formal and informal retailers, forecourts and hospitality locations in both urban and rural areas, making them easily accessible for the majority of South Africans.”
Unlike bitcoin machines, which facilitate blockchain transactions, the Paycorp solution uses a large network of existing ATMs. Paycorp estimates that there are fewer than 30 bitcoin ATMs operational in South Africa, and these are all in the major centres, not in outlying areas and smaller towns.
Asked what the fees are, Paycorp told TechCentral: “Customers are quoted a fair exchange rate for converting their cryptocurrencies into cash, ensuring transparency and convenience in the process.” — (c) 2023 NewsCentral Media