South Africans now have the opportunity to make cryptocurrency payments thanks to a groundbreaking partnership between Scan to Pay, powered by Ukheshe, and Xion Global. Scan to Pay, South Africa’s largest QR ecosystem, boasts over 600,000 vendors, 14 banks, numerous fintech companies, and 94 payment service providers, making it an integral part of the nation’s digital payment landscape. The collaboration with Xion Global promises to introduce a seamless crypto payment experience to mainstream South Africa via the Scan to Pay app.
Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, highlighted the transformative potential of cryptocurrency payments, citing lower fees, faster settlements, and increased financial sovereignty as key benefits. This aligns with a Deloitte survey indicating that nearly 75% of U.S. retailers plan to accept cryptocurrencies or stablecoins soon, indicating a broader global trend.
Ronan Quarmby, CEO at Xion, noted that approximately 12.5% of South Africa’s population already owns cryptocurrencies, with a significant portion belonging to the 18-44 age group, emphasizing the relevance of web3 payments in the country.
The payment process will be as straightforward as traditional methods. Users will link their Metamask wallet, scan a QR code on their receipt, check the amount in the Scan to Pay app, select ‘pay with crypto voucher,’ and complete the transaction with a single click.
Xion Global’s infrastructure offers robust security features, including AML, KYC, KYB, and KYT, while a partnership with Polygon Labs positions them to lead the Web3 payments movement in South Africa.
The rollout will occur 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 in phase 3. This collaboration brings Ukheshe closer to its vision of financial inclusion for all South Africans by merging traditional and decentralized finance to reduce fees, enhance incentives, and increase financial inclusion.