Scan to Pay, Powered by Ukheshe, and Xion Global have joined forces to introduce cryptocurrency transactions within the Scan to Pay app. With this collaboration, the Scan to Pay app, South Africa’s largest QR ecosystem powered by Ukheshe, is set to diversify its payment options, ushering in a new era of financial flexibility for the public.
Cryptocurrency’s meteoric rise has paved the way for a plethora of opportunities in the realm of financial transactions. Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, expressed enthusiasm about integrating cryptocurrency payments into Scan to Pay. She cited the revolutionary potential of cryptocurrency, underpinned by reduced costs, accelerated settlement times, and enhanced financial autonomy, as the driving force behind Ukheshe’s commitment to this transformative endeavor.
A Global Shift Towards Cryptocurrency
A Deloitte report revealed that approximately 75% of U.S. merchants are either considering or actively implementing cryptocurrency and stablecoin payment acceptance. Notably, South Africa is following suit, with numerous major retailers and even local spaza shops already embracing cryptocurrency as a viable payment method.
Xion CEO Ronan Quarmby highlighted that around 12.5% of South Africa’s population holds cryptocurrency, with a significant majority falling within the 18 to 44 age bracket, and 52% of them utilizing crypto for purchases. This trend underscores the burgeoning prominence of web3 payments in the nation’s e-commerce landscape.
Despite initial skepticism, a growing number of South African business owners now recognize the advantages of accepting Bitcoin payments as detailed by local reports. South Africa is primed to spearhead the adoption of web3 payments in Africa, especially in developing nations, where these transformative financial technologies are poised for rapid expansion.
A Seamless Payment Experience
The user experience promises to be as straightforward as conventional payment methods. Users simply scan a QR code on their receipt, verify the transaction amount within the Scan to Pay app, select “pay with crypto voucher,” and, with a single click and their attached Metamask wallet, complete the transaction.
Xion Global incorporates robust security features, including Anti-Money Laundering (AML), Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols. These measures fortify the system against illicit financial activities and unscrupulous merchant behaviors. Additionally, Xion Global is leading the charge towards South Africa’s transition to Web3 payments through a strategic partnership with Polygon Labs.