South African fintech firm Stitch has introduced “Pay with crypto,” a unique payment solution that enables users to make payments directly from their cryptocurrency wallets. This innovative service aligns with the surging popularity of cryptocurrency in South Africa, where an estimated 7.7 million individuals currently own cryptocurrency. Stitch’s decision reflects a global trend towards incorporating cryptocurrency into everyday transactions.
Stitch’s announcement of the “Pay with crypto” feature underscores the company’s commitment to staying at the forefront of digital payment solutions. Junaid Dadan, Stitch’s President, remarked on the development: “South Africa has experienced one of the highest rates of cryptocurrency adoption globally. A substantial number of people prefer using their crypto holdings for transactions. With our new ‘Pay with crypto’ option, we are excited to empower our clients to cater to this growing market segment, while also mitigating the risks associated with cryptocurrency volatility.”
Founded in February 2021, Stitch is a fintech startup that provides an application programming interface (API) service. Headquartered in Cape Town, with additional offices in Johannesburg and Lagos, Nigeria, Stitch focuses on developing infrastructure that facilitates seamless integration between businesses and their customers’ financial accounts, enabling effortless transactions. The company boasts an impressive portfolio of enterprise clients, including prominent names like MultiChoice, MTN, The Foschini Group, Standard Bank’s SnapScan, and Yoco.
Stitch’s “Pay with crypto” feature offers customers the convenience of utilizing their cryptocurrency holdings for payments. This option allows deposits or transactions using crypto from VALR or Binance wallets. Additionally, customers can send Bitcoin or Ethereum directly. The process is straightforward: select ‘Pay with crypto,’ choose a wallet and cryptocurrency at checkout, and Stitch converts the crypto to South African Rand (ZAR), ensuring the merchant receives the payment in ZAR the next business day.
Stitch emphasizes that businesses embracing digital payments can effortlessly add a ‘Pay with crypto’ option to their services. This integration seamlessly integrates into various industries, including online marketplaces, e-commerce companies, gaming and trading platforms, and local and international travel service providers. Blake Player, VALR’s Head of Growth, expressed his enthusiasm about the partnership, stating: “We are thrilled to see another partner leveraging the VALR Pay API. Using their crypto balances, Stitch’s integration broadens the spending options for VALR customers in South Africa’s e-commerce sector. The response to working with the VALR Pay product has been extraordinary, and we anticipate a significant increase in crypto payment volumes as its acceptance grows.”
With the launch of “Pay with crypto,” Stitch solidifies its position as a leading innovator in the fintech landscape. By catering to the growing demand for cryptocurrency payments, Stitch empowers businesses to reach a wider customer base and provides users with a convenient and secure payment option. The company’s commitment to mitigating cryptocurrency volatility further demonstrates its understanding of the market and its dedication to providing a reliable and trustworthy service.
