No matter what you may think of them, there’s no doubt that cryptocurrencies have ignited the world’s imagination in the past decade, offering new opportunities and challenges for consumers and businesses alike. While the basic premise of digital currencies sounds pretty good, turning crypto earnings into cold, hard, cash has not been easy.
Today, it’s not just possible, it’s easy: South African-based global payment company Paycorp has introduced the CryptoExpress app, which promises to bridge the gap between crypto wallets and actual physical money you can touch.
Your crypto, your cash
CryptoExpress has one primary goal: to simplify the conversion of cryptocurrencies to cash for South Africans. And it does this with ease: the app seamlessly integrates with users’ crypto wallets, transforming what could be a complex task into a straightforward, user-friendly one.
What makes CryptoExpress so valuable is its ability to facilitate cash withdrawals at over 3,000 crypto-enabled Cash Express ATMs nationwide. These ATMs, operated by Paycorp’s subsidiary, ATM Solutions, are strategically located around the country.
So, how does CryptoExpress work? Basically, it’s a three-step process:
- Convert Crypto to Cash: Users initiate the process by converting their cryptocurrency from any crypto wallet through the CryptoExpress app. The app’s user-friendly interface has prioritised making the process as intuitive as possible, even for those who are new to cryptocurrency.
- Easy Authorisation: Once the conversion is complete, users simply authorise the transaction within their crypto wallet. This additional layer of security ensures that every transaction is only authorised by the rightful owner.
- Withdraw and Go: After authorisation is complete, CryptoExpress generates a withdrawal voucher PIN. Armed with this PIN and their mobile number, users can head to the nearest Cash Express ATM to receive their cash in rand denominations. It’s a seamless and secure process from start to finish.
Variety and Reliability
CryptoExpress currently supports cashouts for some of the most widely used cryptocurrencies, including Bitcoin, Ethereum, USD Coin, and Tether. This variety ensures that a broad spectrum of crypto users can benefit from the app’s simplicity and convenience.
One noteworthy feature of CryptoExpress is what’s known as its “real-time on-chain transaction hedging”. In simpler terms, this means that when you decide to convert your cryptocurrency, the app guarantees you an exchange rate for the duration of the transaction. This feature protects crypto owners from exchange rates that shoot up and down at a moment’s notice and provides stability and predictability to the process.
A Vision of Financial Inclusion
Steven Kark, CEO of the Paycorp Group, underscored Paycorp’s commitment to facilitating greater access to financial resources for individuals. The introduction of CryptoExpress represents a substantial stride toward realising this, and by simplifying the process for South Africans, Paycorp is addressing some of the historical challenges of the nation’s financial ecosystem.
Interestingly, recent data from Statista.com reveals that 16.7% of South Africans, equivalent to 10.24 million individuals, hold cryptocurrency. Kark highlighted the statistics portal’s projection that this number could grow to 15 million by 2027. So if you thought crypto was just a fade or a phase, you might want to reconsider.
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But Paycorp’s commitment goes beyond just convenience. The introduction of the CryptoExpress app, enabling cardless withdrawals from crypto wallets at Cash Express ATMs, aligns with their commitment to advancing financial inclusion in South Africa. It’s not just about offering a service; it’s about making financial tools and resources accessible to all.
Says Kark, “Paycorp’s goal is to connect more people to their money, and through launching CryptoExpress we are doing just that. Our ATMs are located at formal and informal retailers, forecourts and hospitality locations in both urban and rural areas, making them easily accessible for the majority of South Africans.”
CryptoExpress, a bridge over troubled waters
CryptoExpress is an impressive technological and philosophical feat: it’s a bridge between the digital and physical worlds of finance, something that has until now been hidden behind some rather arcane processes.
But with the power to convert cryptocurrencies to cash at thousands of ATMs across the country, CryptoExpress is a game-changer for South Africans who might have struggled in the past to turn their crypto wins into actual money they could spend.
There’s no news yet on what SARS thinks of all this, but no doubt we’ll be hearing from them about it in 2036 at some point.