Bitcoin Solution In South Africa - Essay Example

Wallettec, a South Africa based payments provider, established partnership with BitPay to integrate digital currency bitcoin with its own point-of-sale payment platform.

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The company’s aim was to allow merchants to accept bitcoin payments through in-store POS devices. This partnership is a step towards bringing the crypto currency to brick-and-mortar retailers in the area.

The founder of the firm, Johan Meyer, informed in an interview that no other company has integrated bitcoin point-of-sale before.

This is the first time that merchants have the option to accept payments in bitcoin from any payment device in South Africa.

It is true that bitcoin services are growing rapidly but South Africa was missing a POS for brick-and-mortar stores. This new partnership made this is available too.

The prime goal of the collaboration is to make point-of-sales payments with the crypto currency simple and easy for all merchants and customers.

Wallettec’s platform focuses on mobile payments that fit well with bitcoin’s technology and the locals of South Africa. Many people in the country depend on mobile phones as primary Internet device.

The Wallettec founder also shared that his start-up’s mission is to be a single interface between the point-of-sale and e-wallet solutions.

Meyer believes that bitcoin has the power to be the successful alternative to traditional banking system in the region.

Both merchants and their loyal customers who will embrace Bitcoin will be benefitted equally. The new system will entail lower transaction fees.

There will be no chargebacks for merchants, while customers can pay with bitcoin directly from their mobile devices even without any bank account.

The payments provider company’s website mentions that the POS payment platform does not intervene with merchants’ present payment processes.

According to the firm, the integration process is seamless and painless, mainly because merchants who use the platform do not need to learn much.

Meyer added that 80% of the population is either under-banked or unbanked. If the crypto currency becomes more affordable, it might be the dominator. It will at least be the key player in the method families sends money to others.

Providing the option to receive and send digital currency on the mobile payments platform will have uses other than retail shopping in South Africa.

Johan Meyer’s company is still very young but its increasing client base is very eager about the fresh option to accept bitcoin on their payment platform.

In Africa, Bitcoin is a very new concept but its growth potential is what convinced Meyer to add bitcoin as payment option.

Payment gateway PayFast started accepting the leading cryptocurrency in July. This allowed 30,000 online merchants to accept Bitcoin.