Grace Ashiru
Stitch, a South African fintech firm, recently launched a unique payment solution based on cryptocurrency, “Pay with crypto.” This innovative service allows users to make payments directly from their cryptocurrency wallets. With this new payment method, Stitch is aligning with the growing trend of cryptocurrency usage in the local market, where it’s estimated that about 7.7 million South Africans currently own cryptocurrency. This regional trend reflects a global movement towards using cryptocurrency for transactions in goods and services.
Stitch recently announced the launch of a new payment solution that allows local businesses to accept cryptocurrency as payment for their goods and services. Stitch’s President, Junaid Dadan, commented on the development: “South Africa has seen one of the highest rates of cryptocurrency adoption globally. A significant number of people prefer using their crypto holdings for transactions. With our new ‘Pay with crypto’ option, we are thrilled to enable our clients to cater to this market segment, while also mitigating the risks associated with cryptocurrency volatility.”
Founded in February 2021, Stitch is a fintech startup that provides an application programming interface (API) service. The company is headquartered in Cape Town, with additional offices in Johannesburg and Lagos, Nigeria. Stitch’s primary focus is developing infrastructure enabling seamless integration between businesses and their customers’ financial accounts, facilitating effortless transactions. Its impressive portfolio of enterprise clients includes prominent names like MultiChoice, MTN, The Foschini Group, Standard Bank’s SnapScan, and Yoco.
Stitch offers a ‘Pay with crypto’ feature, enabling customers to utilize their cryptocurrency holdings for payments. This option allows deposits or transactions using crypto from VALR or Binance wallets. Additionally, customers can send Bitcoin or Ethereum directly. The process is simple: select ‘Pay with crypto,’ choose a wallet and cryptocurrency at checkout, and Stitch converts the crypto to South African Rand (ZAR), ensuring the merchant receives the payment in ZAR the next business day.
Stitch has highlighted that businesses embracing digital payments can effortlessly add a ‘Pay with crypto’ option to their services. This integration suits various industries, including online marketplaces, e-commerce companies, gaming and trading platforms, and local and international travel service providers. Blake Player, VALR’s Head of Growth, shared his excitement about this partnership. He commented, “We are thrilled to see another partner leveraging the VALR Pay API. Using their crypto balances, Stitch’s integration broadens the spending options for VALR customers in South Africa’s e-commerce sector. The response to working with the VALR Pay product has been extraordinary, and we anticipate a significant increase in crypto payment volumes as its acceptance grows.”
