Ukheshe’s Scan to Pay collaborates with Xion Global, enabling cryptocurrency payments in South Africa, promoting financial inclusion, and aligning with global crypto adoption trends.
Highlighting Points
- Ukheshe’s Scan to Pay partners with Xion Global to facilitate crypto payments in South Africa.
- Scan to Pay is the largest QR ecosystem, utilized by over 600,000 vendors and numerous banks.
- Almost 12.5% of South Africans own cryptocurrencies, with most users falling within the 18-44 age bracket.
- The partnership aims to blend traditional and decentralized finance to foster financial inclusion.
Ukheshe’s Scan to Pay, South Africa’s prominent QR payment ecosystem, has forged a partnership with Xion Global, bringing crypto payment options to mainstream users through the Scan to Pay app. This alliance brings crypto payments closer to over 600,000 vendors, 14 banks, and fintech companies, and 94 payment service providers, marking a substantial stride towards inclusive financial ecosystems in the region.
Ran Neuner & Brenton Naicker – Crypto (South Africa has the potential of being a centre of excellence for crypto, web3 & blockchain. We should be already playing in this space)
— JN (@UnityInSA) September 27, 2023
The Scan to Pay Feature
Tracy-Lee Schoeman of Ukheshe perceives the integration of cryptocurrencies as a revolutionary phase, offering lower fees, swift settlements, and heightened financial sovereignty. This echoes the global retail inclination towards crypto payments, with a Deloitte survey revealing nearly 75% of US retailers contemplating the acceptance of crypto or stablecoin payments soon. Similarly, South Africa witnesses an encouraging trend, with major retailers and local shops embracing crypto payments.
Ronan Quarmby, CEO at Xion, highlighted that approximately 12.5% of South Africans are cryptocurrency owners, with the majority using crypto for purchases. He sees web3 payments as the future of online transactions, emphasizing South Africa’s potential leadership role in crypto adoption in Africa.
The user experience promises simplicity and security, requiring customers to scan a QR code and complete transactions with a single click, ensuring a process parallel to traditional payment methods. Xion Global’s framework provides advanced security features and multi-chain payment solutions, striving to mainstream Web3 payments in the region. This strategic collaboration paves the way for gasless transactions, multi-chain payments, cashback rewards, loyalty programs, and discounts, encouraging users to integrate crypto payments into their everyday transactions.
Ukheshe envisions this collaboration as a milestone towards achieving financial inclusion for all South Africans by merging traditional payment methods with decentralized finance, thus overcoming the hurdles of interacting with conventional banks and reducing transaction fees.
Concluding Thoughts
This partnership between Scan to Pay and Xion Global symbolizes a pivotal advancement in the adoption of crypto payments in South Africa. It has the potential to bridge the gap between traditional finance and decentralized finance, offering a secure and seamless transaction experience to users. This move is in tandem with the global shift towards crypto, reflecting the changing dynamics of financial transactions. The increase in crypto adoption and its integration into mainstream payment methodologies can significantly propel financial inclusion and innovation in emerging markets like South Africa.
