Fintech Startup Stitch Launches New Payment Method ‘Pay With Crypto’, to Enable Customers Pay For Goods And Services With Crypto
Stitch, a South African Fintech startup that helps businesses move money faster, has launched a new payment method ‘Pay with Crypto’, to enable customers to pay for goods and services using crypto.
The ‘Pay with Crypto’ feature provides customers with the flexibility to either make a deposit or complete a transaction using cryptocurrency stored in their VALR or Binance wallets. Additionally, users can opt to send Bitcoin or Ethereum directly for the payment.
Speaking on the roll-out of the feature, Stitch president Junaid Dadan said,
“Cryptocurrency adoption in South Africa has been one of the highest in the world. There’s a massive audience that would prefer to use their crypto to make payments. We’re excited to offer Stitch clients an opportunity to reach and serve this audience, without the need to take on direct volatility risk, thanks to our Pay with crypto method”.
The payment startup noted that ‘Pay with Crypto’ is available for any business that accepts digital payments. This includes:
- Online marketplaces
- E-commerce enterprises
- Gaming and trading platforms
- Local and international travel providers
As crypto continues to gain widespread adoption/acceptance, a lot of consumers globally are looking for ways to pay with crypto, and in response, more businesses are accepting direct crypto payments.
Stitch disclosed that the opportunity for Pay with crypto will attract new customers, who spend 2x more per transaction.
It is estimated that over 5.8 million people, 9.44% of South Africa’s total population, currently own cryptocurrency. Also, according to Finder’s cryptocurrency adoption index report, over four million South Africans own digital assets. Its crypto adoption rate lies at 10%, which constitutes a range of various crypto coins such as Ethereum, Dogecoin, and Bitcoin, which leads.
As Stitch rolls out a crypto payment feature on its platform, it is poised to attract new customers, as there will be a significant set of consumers who would prefer to use crypto to make payments.
