Stitch has launched Pay With Crypto, allowing customers to pay with cryptocurrency while businesses get settled in rand.
Customers can send bitcoin or ether directly, or use crypto balances in their Valr or Binance wallets.
Stitch developed the functionality using the Valr Pay API.
“We’re excited to see yet another partner building on top of the Valr Pay API,” said Valr’s head of growth, Blake Player.
“The Stitch integration expands the options Valr customers have to spend crypto balances in South Africa to the e-commerce market.”
Player said they had seen “amazing” interest in working with the Valr Pay product.
“We’re expecting high growth in the volume of crypto payments as it becomes more widely accepted,” he said.
Stitch President Junaid Dadan said cryptocurrency adoption in South Africa has been among the highest in the world.
“There’s a massive audience that would prefer to use their crypto to make payments,” said Dadan.
“We’re excited to offer Stitch clients an opportunity to reach and serve this audience, without the need to take on direct volatility risk”.
Stitch said virtually any business that accepts digital payments can offer Pay with Crypto.
It explained that its system works as follows:
- Customer chooses “Pay with crypto” at checkout and selects their preferred wallet and cryptocurrency
- Customer confirms their mobile number and verifies with an OTP
- Customer opens their wallet app via on-screen QR code and follows the steps to complete payment with the appropriate amount of their chosen crypto
- Stitch converts the crypto to ZAR and settles the merchant in ZAR on the following business day