In a groundbreaking move set to revolutionise the cryptocurrency landscape in South Africa, a local startup has introduced a novel solution that allows users to withdraw their digital assets as cash from ATMs. The CryptoExpress app, which has been undergoing testing since April 2023, is now available for both iOS and Android users.
This innovative platform enables users to convert their bitcoin, ether, and stablecoins like USD coins and tether into cash seamlessly. To complete the process, users need to initiate the conversion within the app, authorise the transaction in their cryptocurrency wallet, and subsequently await a withdrawal voucher PIN from CryptoExpress.
Once armed with the withdrawal voucher PIN, users can head to any Cash Express ATM, where they can withdraw cash in South African Rands. The transaction requires entering their mobile number along with the provided PIN. This unique approach to converting cryptocurrency into tangible cash underscores the potential of merging digital assets with traditional financial infrastructure.
According to Steven Kark, the CEO of Paycorp Group, the company behind CryptoExpress, the widespread accessibility of Cash Express ATMs across urban and rural areas, forecourts, and various retail and hospitality locations makes the service highly accessible to a broad demographic. This accessibility stands in contrast to the limited availability of Bitcoin ATMs, of which only about 30 are operational in South Africa, predominantly concentrated in major cities.
By leveraging the extensive network of existing ATMs, Paycorp’s solution distinguishes itself from Bitcoin machines that facilitate blockchain transactions. The introduction of CryptoExpress is poised to reshape the South African cryptocurrency landscape, making the use of digital assets more practical for a diverse range of users.
This strategic move also positions Paycorp as a comprehensive financial services provider, bridging the gap between traditional and emerging payment systems. As the adoption of cryptocurrencies continues to surge across Africa, with countries like Kenya, South Africa, and Nigeria leading the way, Paycorp’s CryptoExpress marks a significant milestone in enhancing the usability and integration of digital currencies into everyday financial transactions.