Stitch has recently launched Pay With Crypto, an innovative feature that enables customers to make payments using cryptocurrency while businesses receive settlements in rand.
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Customers have the flexibility to either send bitcoin or ether directly or leverage the crypto balances in their Valr or Binance wallets.
Stitch developed this functionality by leveraging the Valr Pay API, a move that has been welcomed by Valr’s Head of Growth, Blake Player. He expressed his enthusiasm, stating that the Stitch integration expands the spending options for Valr customers within the South African e-commerce market.
Player noted the significant interest in the Valr Pay product and anticipated substantial growth in crypto payments as acceptance becomes more widespread.
Junaid Dadan, the President of Stitch, emphasized that cryptocurrency adoption in South Africa has been among the highest globally. He highlighted the substantial audience eager to use crypto for payments and expressed excitement about offering Stitch clients an avenue to reach this audience without exposing themselves to direct volatility risk.
Stitch asserted that almost any business accepting digital payments can seamlessly implement Pay With Crypto. The process involves customers selecting “Pay with crypto” during checkout, choosing their preferred wallet and cryptocurrency, confirming their mobile number, and verifying with a one-time password (OTP). Customers then open their wallet app via an on-screen QR code, follow the steps to complete the payment with their chosen crypto amount, and Stitch converts the crypto to ZAR (South African Rand), settling the merchant in ZAR on the following business day.
