Crypto at Checkout: How South Africa is Moving Towards Digital Currency Payments
September 16, 2025
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The use of cryptocurrency in South Africa has grown significantly over the past decade, signalling a potential reshaping of the payments landscape. In 2024, data from financial services provider FiveWest revealed a 26.5% increase in crypto transaction volumes over just six months. This surge in everyday usage showed the country’s readiness for innovative financial solutions, momentum that continues to shape the landscape in 2025.
Today, the economic potential of cryptocurrencies in South Africa extends well beyond speculation. Thousands of merchants locally and across the continent now accept crypto payments, with adoption driven less by hype and more by the ability to transact seamlessly. The real challenge and opportunity lie in simplifying and accelerating the shift between traditional and crypto payment channels.
The State of Crypto Payments in South Africa
South Africa has firmly established itself on the global crypto stage. The Chainalysis 2024 Global Crypto Adoption Index ranks the country 30th worldwide, alongside fast-growing markets like Ethiopia and Kenya, highlighting rising momentum in both usage and innovation across Sub-Saharan Africa.
In 2023–2025, crypto adoption in South Africa rose modestly from 22% to 25% of the population. It is estimated that in 2022, over 5.8 million South Africans (around 9.4% of the population) owned crypto assets. Many are choosing stablecoins, cryptocurrencies linked to real-world currencies like the US dollar, as they carry less risk and are easier to use for everyday payments.
This year alone, South Africa's crypto industry revenue is projected to reach $615.5 million, according to Statista. This growth is driven by factors such as regulatory clarity, increased adoption, and the convenience of stablecoins for daily transactions. According to the Financial Sector Conduct Authority (FSCA), adoption could reach 43% of the population by 2030, indicating that crypto is steadily moving toward mainstream use in South Africa.
From Investment to Everyday Use: Retail Adoption at Scale
Beyond its use as an investment, crypto is increasingly being adopted in everyday retail. In early 2023, Pick n Pay rolled out crypto payment capabilities in more than 1,500 stores, enabling customers to pay for groceries, airtime, electricity, and municipal bills via CryptoQR platforms linked to exchanges like Luno, VALR, and Binance.
Adoption quickly followed. Monthly crypto payments at Pick n Pay jumped from around R25,000 to over R1 million.
Solutions like Money Badger’s CryptoQR enable seamless connections between merchants and digital asset platforms. Customers can pay directly from their crypto wallets, while merchants receive settlement in rands or Bitcoin without needing to manage volatility or technical complexity themselves.
Why Crypto Payments Are Gaining Ground
As adoption grows, crypto’s decentralised nature could help reduce transaction fees for users. Retailers, meanwhile, benefit from fast and cost-effective settlements through solutions like the Lightning Network or other second-layer applications. For large retailers, faster settlement can transform cash flow, shifting from month-to-month cycles to daily settlements, a compelling benefit for merchants of all sizes.
Another key advantage is financial inclusion. Crypto payments and decentralised finance (DeFi) solutions have the potential to significantly reduce costs and processing times compared to traditional payment systems. This can be especially valuable for SMEs and underserved communities, empowering entrepreneurship and supporting economic growth.
In parallel, initiatives like the South African Reserve Bank’s digital rand pilot are aiming to address long-standing challenges such as cross-border payments and access in rural areas. By reducing costs and improving accessibility, these initiatives could transform how South Africans interact with financial services.
Looking Ahead: The Future of Crypto Payments in South Africa
Crypto payments in South Africa are still in the early stages, but their potential is clear: faster, cheaper, and more seamless everyday transactions. From groceries and utilities to online shopping, adoption is set to broaden. While direct municipal payments in crypto remain limited, some platforms already allow users to pay for essentials like prepaid electricity or airtime, offering added convenience.
Fintech companies will be key to supporting this transition by building intuitive platforms, ensuring secure transactions, and guiding safe adoption for both consumers and merchants. Solutions that address volatility while integrating smoothly with existing payment systems will be essential to unlocking wider use.
With the right mix of technology, education, and regulation, crypto payments could become a mainstream option in South Africa, complementing traditional payment methods rather than replacing them entirely.
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