South Africa: PayFast integrates Bitcoin as payment method

Friday 18 July 2014 14:25 CET | News

PayFast, a South African payment processor, has begun offering Bitcoin as a payment option for more than 30,000 merchant customers, reports.

The company has partnered the Bitcoin exchange BitX for the integration of the digital currency.

Bitcoin is seen in the African and developing markets as a solution to the problems of high money-transfer fees, as well as an opportunity to offer banking services to the numerous unbanked citizens.

During the initial launch period, Bitcoin transactions on PayFast are expected to be more convenient, as compared to the traditional credit card, Instant EFT and voucher payment methods, but could rise after that period depending on consumer interest.

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Keywords: South Africa, PayFast, Bitcoin, payment method, online payments, BitX
Categories: Payments & Commerce
Countries: World
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