Grace Ashiru
South African financial technology innovator Ukheshe has announced a notable update within its Scan to Pay application. This advance stirs the financial world by incorporating cryptocurrency payments into its offerings.
Previously known as Masterpass, the Scan to Pay app by Ukheshe holds a vast network, including over 600,000 merchants, 14 major banks, several fintech organizations, and a remarkable 94 payment service providers. This significant move by the company is seen as a substantial stride in presenting cryptocurrency payment alternatives to a wider audience in South Africa.
In an announcement on Thursday, Ukheshe expressed its excitement regarding a new collaboration, aiming to unite traditional and cryptocurrency transactions effortlessly. The financial technology leader is joining forces with the esteemed service provider, Xion Global, to bring this groundbreaking crypto solution.
Discussing the changing financial terrain, Tracy-Lee Schoeman, the head of loyalty and rewards at Ukheshe, highlighted the emerging possibilities created by the increasing embrace of cryptocurrencies. She underscored the potential of cryptocurrency payments to transform the financial transaction space, pointing out the benefits of reduced fees, swifter settlement periods, and heightened financial independence. These significant advantages are what Ukheshe is eager to provide through the Scan to Pay app.
Ukheshe’s collaboration with crypto expert Xion Global, under the leadership of CEO Ronan Quarmby, is set to create a notable shift in South Africa. Quarmby projects that about 12.5% of the nation’s populace owns cryptocurrency.
For individuals keen to understand the workings of this crypto solution, Ukheshe has offered a comprehensive clarification. Users can expect an uninterrupted payment procedure that closely aligns with customary payment modes. By connecting their Metamask wallet, patrons can scan a QR code on their receipt, confirm the transaction sum in the Scan to Pay app, select the ‘pay with crypto voucher’ choice, and complete the transaction with a single click, ensuring a smooth process.
Additionally, Xion Global provides a strong foundation of security features, including Anti-Money Laundering (AML) checks, Know Your Customer (KYC) verification, Know Your Business (KYB) assessments, and Know Your Transaction (KYT) monitoring. These protective measures aim to guard against unauthorized access to funds and prevent malicious activities by merchants.
In conclusion, the revolutionary integration of cryptocurrency payments into Ukheshe’s Scan to Pay app, in collaboration with Xion Global, marks a crucial juncture in the South African fintech arena. This advancement broadens financial opportunities for a vast audience and highlights the dynamic shift in the digital payment sphere, paving the way for a more secure and accessible financial future.
