- South African fintech company, Paycorp, has partnered with Triple-A, a digital currency payment company, as a processing partner, allowing South Africans to withdraw cryptocurrency as cash from ATMs.
- This partnership comes two months after Paycorp unveiled its app, CryptoExpress, which allows users to convert crypto to cash.
- Users can withdraw their Bitcoin (BTC), Ethereum (ETH), USD Coin (UDC), and USD Tether (USDT) assets as South African Rand at about 3,000 ATMs in the country via the CryptoExpress app.
Paycorp, founded by Stephen Kark, who also serves as the Group CEO, is an ATM management and transaction processing firm with a presence in South Africa dating back over 20 years, beginning in Johannesburg. Aside from South Africa, Paycorp has a presence in Central and Eastern Europe and the United Kingdom.
Paycorp's CryptoExpress app for iOS and Android allows cryptocurrency cash withdrawals through pin generation. At the Cash Express ATM for CryptoExpress users, non-card cryptocurrency withdrawals using a PIN and mobile phone number are possible, although most ATM withdrawals require a card.
Following the approval of the transaction through the app, users receive a voucher PIN, which they enter at a Cash Express ATM along with their mobile number to withdraw cash. Withdrawals from Cash Express ATMs supporting cryptocurrencies are possible in South Africa.
Paycorp's Cash Express ATMs accept standard cash withdrawals and several digital wallet and voucher payment methods.
Withdrawing cryptocurrency as cash from ATMs, like fiat, is a growing trend in Africa. According to a report, there were about 26 Bitcoin ATMs in Africa as of 2023. South Africa has the most Bitcoin ATMs, with 20, followed by Nigeria (two), Kenya, Djibouti, Botswana, and Uganda (one each).
Crypto awareness and adoption have also increased in the country as the authority considers issuing operational licences to financial service providers.
In November 2023, the Financial Sector Conduct Authority (FSCA) of South Africa announced that 36 of the 74 firms under consideration had completed their assessments; however, it received a total of 128 applications.