Binance is bringing crypto payments into the South African mainstream through its secure, borderless payments platform, Binance Pay.
The Online Retail in South Africa 2023 report has revealed critical insights into the rapidly evolving digital commerce landscape. Online shopping among adults grew from 27% in 2020 to 38% in 2022, reflecting an accelerated shift to digital platforms and highlighting the market’s resilience and adaptability. As mobile wallets and pay-by-bank options gain trust, crypto and stablecoins are emerging as part of this new wave of innovation.
In a new integration with Peach Payments and MoneyBadger, South Africans can now pay for goods and services using 100+ stablecoins and other cryptocurrencies at online merchants instantly and without gas fees, just as easily as paying with cards or EFT.
“Crypto has matured, and now it’s ready to stand alongside traditional payments,” said Larry Cooke, of Binance Africa. “This is a breakthrough moment for stablecoins and crypto in Africa, powered by infrastructure that makes them usable, practical, and secure.”
Paying with crypto is simple and seamless for customers. They select “Pay with Bitcoin or Crypto” at checkout, select ‘Binance’, scan the QR code with their Binance app, confirm the amount, and the payment is processed instantly. Merchants receive settlement in Rands the next business day, making it as convenient as traditional payment methods.
Carel van Wyk, MoneyBadger co-founder and CEO, says Peach Payments is a natural fit for crypto payments due to its innovative approach and commitment to technical excellence. “South Africans are increasingly moving from holding crypto as an investment vehicle to using their bitcoin or crypto for day-to-day expenses. We’ve been looking for additional partners to expand into the ecommerce space, and Peach Payments made the most sense for us as a business. Their merchant base is strong and open to adding different payment methods.”
Peach Payments’ head of partnerships, Anine de Kock, said, “MoneyBadger is well-respected and established locally and offers payments via the majority of crypto wallets, which means more choice for consumers.
“It is telling,” she continues, “that the first purchases done via MoneyBadger on the Peach Payments platform were for spades at a suburban hardware store and light fittings at a well-known specialist lighting retailer, illustrating how mainstream bitcoin and crypto payments are becoming.”
“This isn’t a trial or pilot; it is proven infrastructure tested globally, now expanding in Africa,” concluded Cooke.
