South Africans can withdraw crypto as cash from ATMs
Paycorp, a payments fintech, has introduced a new app named CryptoExpress, enabling users to convert their cryptocurrency into South African rand and withdraw it as cash at approximately 3,000 ATMs across the country. The app, accessible on Android and iOS, seamlessly integrates with various crypto wallets, facilitating cash withdrawals at Cash Express ATMs operated by Paycorp’s subsidiary, ATM Solutions.
CryptoExpress allows users to withdraw cash in bitcoin, ether, and stablecoins such as USD coin and tether. The app prioritizes security, employing encryption and robust multi-layer security measures. To assist users in locating the nearest Cash Express ATM, the app incorporates an ATM locator feature.
To withdraw cash, users perform the conversion of their cryptocurrency within any crypto wallet through the app. Subsequently, they authorize the transaction in their crypto wallet and receive a CryptoExpress-generated withdrawal voucher Pin. At a Cash Express ATM, users can then utilize this Pin along with their mobile number to receive cash in South African rand.
An innovative feature of CryptoExpress is its real-time on-chain transaction hedging for cryptocurrency sales. This feature guarantees customers an exchange rate for the entire transaction duration, irrespective of the continually fluctuating crypto exchange rates.
Steven Kark, Paycorp Group CEO, highlighted the company’s mission to connect more people to their money. He emphasized the accessibility of their ATMs in various locations, including formal and informal retailers, forecourts, and hospitality establishments across urban and rural areas.
Unlike traditional bitcoin machines facilitating blockchain transactions, Paycorp’s solution leverages the extensive network of existing ATMs. According to Paycorp, there are fewer than 30 operational bitcoin ATMs in South Africa, predominantly located in major centers rather than outlying areas or smaller towns.
Responding to queries about fees, Paycorp emphasized providing customers with a fair exchange rate for converting their cryptocurrencies into cash. This approach ensures transparency and convenience throughout the process.