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South Africa’s Wallettec Partners with BitPay to take Bitcoin Transactions to Brick-and-mortar Retailers

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smb-pos-on-a-tabletWallettec, a South African Point of Sale and loyalty system firm has today announced a partnership with BitPay, a bitcoin payment processer to allow bitcoin transactions in the Wallettec system.

Wallettec will follow PayFast to allow bitcoin payments to South African merchants. PayFast had already partnered with Takealot and 30,000 other merchants to allow them accept bitcoins.          

‘Wallettec’s mission is to become a single interface point between the POS or payment solution and any mobile / e-wallet solution’, says Johan Meyer, founder of Wallettec. Wallettec is a SAAS service which allows any wallet company to interface with any payment solution or POS. We believe that by developing a single solution that will benefit all mobile wallets will not only be a good business model for us but it will improve the mobile money market in Africa and the rest of the world.”

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With the introduction of bitcoins to the Wallettec system, the firm aims to grow bitcoin acceptance in brick-and-mortar retail locations. The deal will help both ecommerce and retail merchants to easily accept bitcoin payments and as well make it easy for customers to  pay at the POS using bitcoins and as well increase merchant sales and earnings.

“As bitcoin expands, merchants can earn money on bitcoin sales and save money by reducing credit card payments. 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,” says Meyer. “Consumers save money by using their Bitcoins and merchants make money by paying less commission and reducing their risks. No more credit card / merchant banking fees.”

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Headquartered in Atlanta, Georgia, BitPay bitcoin payment processing services over 40,000 businesses and has processed over US $100 million worth of bitcoin transactions in 2013. The firm says it’s processing $1 million USD daily.

From Kenya’s BitPesa to Ghana’s Kitiwa, bitcoin payments are not new in Africa. Firms in Africa are moving fast to raise awareness and acquire bitcoin users. Recently South Africa’s BitX raised funding to take it’s bitcoin exchange services to emerging markets and was followed by Xoin which introduced bitcoin prepaid vouchers to allow users to exchange cash for bitcoins or vice versa. Africa is ripe for bitcoins because of the many challenges facing banking and mobile payment systems especially as e-commerce takes shape. With this you can double up your bitcoins by playing bitcoin casino games at sites such as http://bitcoincasino.best/.

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Sam Wakoba
Sam Wakobahttp://techmoran.com
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs  TechMoran.com, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at [email protected]

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