Stitch Launches Payment Service Allowing Customers to Settle With Crypto in South Africa
A new product offering recently launched by Stitch, a South African payment service provider, now enables customers to settle transactions with crypto. According to Stitch, this new functionality makes it possible for customers to pay with bitcoin (BTC) or ether (ETH).
Local Businesses to Receive Payment in Local Currency
A South African payments service provider, Stitch, has reportedly launched a service which enables customers to settle transactions with crypto. Developed on top of the local crypto platform Valr’s application programming interface (API), this functionality makes it possible for customers to directly pay with bitcoin (BTC) or ether (ETH).
According to a statement released by Stitch on Nov. 21, the “pay with crypto” service makes it possible for customers “who wish to buy goods and services using crypto to do so directly, and the business will get settled in ZAR [South African rand].” For companies and merchants, using this service helps overcome concerns about the volatility of the two cryptocurrencies.
Commenting on the development, Blake Player, Valr’s head of growth, reportedly said:
“The Stitch integration expands the options Valr customers have to spend crypto balances in South Africa to the e-commerce market. We’re expecting high growth in the volume of crypto payments as it becomes more widely accepted.”
Meanwhile, the Stitch press release also identifies online marketplaces, e-commerce businesses, gaming and trading platforms as some of the businesses that stand to benefit from leveraging this new payment option. Similarly, local and international travel providers leveraging this service will be able to “appeal to a wider user base.”
For his part, Stitch President Junaid Dadan said the crypto payment option will accord clients “an opportunity to reach and serve this audience, without the need to take on direct volatility risk.”