Scan to Pay App by Ukheshe Now Offers Cryptocurrency Payments for South African Users

South African fintech innovator Ukheshe has unveiled an exciting development within its Scan to Pay app, making waves in the financial landscape by integrating cryptocurrency payments into its services.

Ukheshe’s Scan to Pay app, previously known as Masterpass, boasts a substantial user base, comprising over 600,000 merchants, 14 major banks, various fintech enterprises, and an impressive 94 payment service providers. The company heralded its latest move as a significant step toward introducing cryptocurrency payment options to a broader audience in South Africa.

Clayton Hayward, CEO of Ukheshe
Clayton Hayward, CEO of Ukheshe

In a statement released on a Thursday, Ukheshe articulated its enthusiasm for the newfound partnership that promises to seamlessly bridge the gap between conventional and cryptocurrency-based transactions. The fintech pioneer is collaborating with the renowned service provider, Xion Global, to deliver this innovative crypto solution.

Tracy-Lee Schoeman, the head of loyalty and rewards at Ukheshe, shared her insights on the evolving financial landscape, remarking on the fresh opportunities arising from the growing popularity of cryptocurrencies. Schoeman emphasized how cryptocurrency payments could revolutionize the way financial transactions are conducted, citing lower fees, faster settlement times, and enhanced financial autonomy as key advantages that Ukheshe is thrilled to offer via the Scan to Pay app.

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Ukheshe’s partnership with crypto specialist Xion Global, led by CEO Ronan Quarmby, is poised to make a significant impact in South Africa, given Quarmby’s estimate that approximately 12.5% of the country’s population is involved in cryptocurrency ownership.

For those curious about how this crypto solution functions, Ukheshe provided a clear explanation. Users can anticipate a seamless payment process that closely mirrors traditional payment methods. After linking their Metamask wallet, customers can simply scan a QR code on their receipt, verify the transaction amount in the Scan to Pay app, choose the ‘pay with crypto voucher’ option, and execute the transaction effortlessly with just one click.

Moreover, Xion Global’s infrastructure offers robust security features, including Anti-Money Laundering (AML) checks, Know Your Customer (KYC) verification, Know Your Business (KYB) assessments, and Know Your Transaction (KYT) monitoring. These safeguards are designed to protect against unauthorized fund access and deter malicious actions by merchants.

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In sum, Ukheshe’s groundbreaking integration of cryptocurrency payments into its Scan to Pay app, in partnership with Xion Global, signifies a pivotal moment in the South African fintech landscape. This innovation not only expands financial options for the masses but also underscores the evolving nature of the digital payment ecosystem, setting the stage for a more accessible and secure financial future.

Ukheshe scan pay Crypto Ukheshe scan pay Crypto

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard