South African fintech startup Stitch has launched a new cryptocurrency-based payment product. Dubbed “Pay with Crypto,” this feature allows users to transact in crypto while enabling businesses to settle transactions in South African rand.
- The feature is built on top of crypto company VALR’s application programming interface (API), which allows users to pay with assets held in their VALR or Binance wallets.
- Binance users can pay with any crypto assets, while Valr users are limited to bitcoin or ethereum for now.
- Stitch told Mariblock that, unlike Valr Pay, Binance Pay supports multicurrency payments.
- Stitch told Mariblock:
“With Binance Pay, users can complete a payment using any cryptocurrency they have in their wallet. VALR Pay is adding multicurrency support in the near future. For now, we are working towards adding USDT to VALR Pay and our own direct crypto deposit option.”
- Blake Player, Head of Growth at VALR, said:
“We’re excited to see yet another partner building on top of the VALR Pay API. The Stitch integration expands the options VALR customers have to spend crypto balances in South Africa in the e-commerce market.
The interest we’ve had in working with the VALR Pay product has been amazing, and we’re expecting high growth in the volume of crypto payments as it becomes more widely accepted.”
How it works
- Users choose “Pay with crypto” at checkout and select their preferred wallet and cryptocurrency.
- Afterward, they verify their mobile number with a one-time password (OTP).
- Stitch then converts the cryptocurrency to rand and settles the merchant the following business day.
- Stitch joins the likes of BitPay and CoinGate in implementing cryptocurrency payment features.
- BitPay supports payments in various cryptocurrencies, including Bitcoin, Ethereum, and a range of stablecoins.
- The integration of BitPay with Apple Pay in 2021 allowed crypto payments to reach Apple Pay’s user base of about 380 million people.