Payments provider, Walletec has integrated with Bitcoin payments processor, BitPay to integrate bitcoin with its point of sale payment platform.
According to the company, by allowing customers pay at the point of sale using bitcoin, merchants will be able to increase their sales and save significantly on their credit card costs.
“Wallettec’s mission is to become a single interface point between the PoS or payment solution and any mobile/e-wallet solution,” founder of Wallettec, Johan Meyer, says. “Not only will merchants increase their bottom line profits by saving on credit card fees and commission, but also eliminate the risk of credit card fraud or chargebacks.”
“I believe bitcoin has the ability to be the first real successful alternative to traditional banking in South Africa,” said Meyer in a recent interview with CoinDesk.
“Eighty per cent of South Africa’s population is either unbanked or under-banked. I believe that, the moment bitcoin becomes more affordable, it will be a key player if not the dominator in the way families will send money to other family members or friends. For this reason we knew that bitcoin has to form part of our platform,” he continued.
The South African tech ecosystem has shown strong support for Bitcoin. Recently, Takealot, one of South Africa’s largest ecommerce sites started accepting Bitcoin as a payment method and popular payment gateway PayFast recently introduced a bitcoin integration to more than 30 000 of its ecommerce clients. South Africa is also home to startups like Xoin, a prepaid service.