Scan to Pay, powered by Ukheshe, has teamed up with Xion Global to integrate cryptocurrency payments into the Scan to Pay app, South Africa’s largest QR ecosystem. With over 600,000 vendors, 14 banks, fintech firms, and 94 payment service providers, Scan to Pay aims to introduce more crypto payment options to mainstream South Africa.
Cryptocurrency Transforms Financial Transactions
Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, believes that cryptocurrency payments offer lower fees, faster settlement times, and greater financial sovereignty, transforming financial transactions.
A Deloitte survey indicates that nearly 75% of US retailers plan to accept cryptocurrency or stablecoin payments, aligning with the increasing acceptance of crypto payments in South Africa. Ronan Quarmby, CEO at Xion, notes that approximately 12.5% of South Africa’s population owns cryptocurrency, with web3 payments becoming the future of online transactions.
Streamlined Payment Methods
With easy-to-use payment methods, users can link their Metamask wallet, scan a QR code on their receipt, verify the amount in the Scan to Pay app and complete the transaction with a single click.
Xion Global’s infrastructure prioritizes security with AML, KYC, KYB, and KYT features to safeguard against unauthorized funds and malicious merchant actions. Their collaboration with Polygon Labs positions Xion Global at the forefront of the Web3 payments movement in South Africa.
Phases of Implementation
Quarmby highlights that the solution will be rolled out in phases, starting with gasless USDT (Polygon) transactions in phase 1, expanding to multi-chain payments in phase 2, and offering cashback rewards, loyalty programs, and discounts at specific Scan to Pay merchants in phase 3.
Schoeman sees this partnership as a step toward Ukheshe’s vision of financial inclusion for all South Africans, merging traditional payment methods with web3’s decentralized world to reduce transaction fees, enhance incentives, and increase financial inclusion.