Crypto trading platform Binance continues to push its strategy to gain more users by allowing people in SA to buy and sell goods using cryptocurrency.
This week, the platform announced a partnership with local payments provider Zapper, enabling SA consumers to pay for goods using crypto at 31,000 merchants.
Founded in China, Binance is a global cryptocurrency exchange platform that allows users to buy, sell and trade a wide range of digital assets such as bitcoin and ethereum.
“Whether you’re grabbing a KFC, booking FlySafair flights, shopping at Dis-Chem, or ordering online from Yuppiechef, crypto payments have officially gone mainstream — giving South Africans more ways to pay,” said the company.
This move underscores the growing use of crypto for everyday payments in SA.
In June, SA-born crypto exchange Luno reported more than R20m had been spent through its retail payments platform Luno Pay since the launch in November.
Crypto payments through Luno Pay are processed by partner companies, including MoneyBadger, Zapper, Stitch and FiveWest.
Binance appears to be using the same playbook, leaning on similar partnerships to enable its service.
Beyond Zapper, Binance Pay is also available at other popular merchants such as Pick n Pay and Bootlegger.
Like Luno, Binance’s rollout is supported by MoneyBadger, a local fintech that specialises in cryptocurrency payments for businesses.
“This partnership allows merchants to accept cryptocurrency seamlessly, with settlements in rand, helping consumers and businesses participate in the growing digital payments ecosystem,” said the company.
Binance has had a presence in SA for several years, offering crypto and traditional currency trading.
Everyday consumer and merchant use in SA has been a gradual process.
Main points:
- Binance partners with local payments provider Zapper to enable crypto payments at 31,000 merchants in SA.
- Consumers can now use crypto at popular merchants like KFC, Dis-Chem, FlySafair, and Yuppiechef.
- This move follows a growing trend of crypto adoption in everyday payments across SA.
- Binance Pay also integrated with payment processors like Peach Payments for e-commerce.
- The partnership with MoneyBadger helps merchants accept crypto seamlessly with settlements in rand.
- Binance's SA presence has seen rapid user growth and increased transactions in recent weeks.
- Globally, Binance Pay now has over 63,000 merchants accepting crypto payments.
- Despite regulatory challenges, Binance continues to expand and strengthen its local compliance efforts.
In July, Binance Pay expanded its presence in the e-commerce space by integrating with payment processors such as Peach Payments, allowing local consumers to use crypto for online purchases at a wide range of merchants.
“Binance Pay is about giving South Africans freedom and flexibility in how they spend their money,” said Binance SA representative Yande Nomvete. “Through our partnership with Zapper tens of thousands of merchants are now available to users, and the cashback promotion encourages first-time crypto payments.”
Zapper CEO Mike Bryer said: “Our collaboration with Binance Pay enhances the payment options available to our extensive merchant network, facilitating seamless and secure transactions for both consumers and businesses.”
Zapper is an SA payments platform that allows users to make cashless payments by scanning QR codes with their smartphones. It’s widely used in retail, hospitality and service industries.
Binance reported that over the past few weeks it had seen a surge in SA, with tens of thousands of new users signing up and a rapid increase in transactions.
“The expansion reflects a broader trend of crypto adoption in the country, where consumers are exploring digital currencies as part of everyday payments,” said the company.
Globally, Binance Pay’s network now has more than 63,000 merchants accepting crypto payments, and the platform has processed more than 300-million transactions to date.
Blockchain, the technology that powers cryptocurrencies such as bitcoin, had until recently been regarded as fringe and associated with finance scams.
Over the years, Binance has faced scrutiny and regulatory challenges in several countries due to concerns over compliance, money-laundering and investor protection.
The company has responded by trying to adjust its operations, creating localised platforms and beefing up its compliance measures.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.