Stitch, a fintech company based in South Africa, has recently introduced an innovative payment solution, “Pay with crypto,” leveraging cryptocurrency for direct transactions from users’ digital wallets.
The strategic move aligns with the increasing popularity of cryptocurrency use within the local market, where an estimated 7.7 million South Africans are currently engaged in cryptocurrency ownership. This local trend mirrors a global shift towards adopting cryptocurrency for various goods and services transactions.
The payment solution, “Pay with crypto,” by Stitch, extends its services to local businesses, allowing them to accept cryptocurrency as payment.
Junaid Dadan, President of Stitch, expressed excitement about the initiative, stating, “South Africa has witnessed remarkable cryptocurrency adoption rates globally. Many individuals prefer utilizing their crypto holdings for transactions.
With our new ‘Pay with crypto’ feature, we are pleased to empower our clients to cater to this market segment while addressing the challenges associated with cryptocurrency volatility.”
Established in February 2021, Stitch operates as a fintech startup offering application programming interface (API) services. Headquartered in Cape Town, with additional offices in Johannesburg and Lagos, Nigeria, the company focuses on developing infrastructure that seamlessly integrates businesses with their customers’ financial accounts, streamlining transactions.
Notable enterprise clients include MultiChoice, MTN, The Foschini Group, Standard Bank’s SnapScan, and Yoco.
Stitch’s ‘Pay with crypto’ feature enables customers to utilize their cryptocurrency holdings for payments, allowing deposits or transactions using crypto from VALR or Binance wallets. Users can also send Bitcoin or Ethereum directly.
The process is straightforward: users select ‘Pay with crypto,’ choose a wallet and cryptocurrency at checkout, and Stitch converts the crypto to South African Rand (ZAR), ensuring merchants receive the payment in ZAR the next business day.
The company emphasizes that businesses embracing digital payments can effortlessly integrate the ‘Pay with crypto’ option into their services. This integration is suitable for various industries, including online marketplaces, e-commerce companies, gaming and trading platforms, as well as local and international travel service providers.
Blake Player, VALR’s Head of Growth, expressed enthusiasm about the partnership, stating, “We are thrilled to see another partner leveraging the VALR Pay API.
Stitch’s integration broadens the spending options for VALR customers in South Africa’s e-commerce sector, anticipating a significant increase in crypto payment volumes as its acceptance grows.”