South African Bitcoin Exchange, BitX, partners with PayFast
On Thursday it was announced that PayFast, a leading South African payment processor, would start offering bitcoin as a payment option, bringing it to more than 30,000 merchant customers. This is the first payment processor in South Africa to offer bitcoin.
Bitcoin is still a relatively new concept across the globe, but it is rapidly changing the financial landscape.BitX is at the forefront of this change. It is a secure digital wallet that allows users to buy, sell, store and spend Bitcoin in South Africa. There is also the BitX exchange which is a market platform for people to buy and sell bitcoins across several counties.
Marcus Swanepoel, BitX's CEO, views the partnership positively. "We are very excited to partner with PayFast to bring the benefits of crypto currency to a much broader market, especially with the very clear value proposition they bring to their merchants."
During the initial launch period, Bitcoin transactions on PayFast will come cheaper than traditional credit card, but could rise after that period depending on consumer interest.
Crypto currencies are the subject of discussion in developing markets, and can be expected to thrive across Africa. It has the potential to offer a banking solution to those who can't use traditional models. Whilst the incorporation and mainstream use of crypto currencies is still in its infant stage, this partnership showcases the huge potential that bitcoin has.