To Be Accepting Bitcoin Payments
One of the most popular online
payment methods in South Africa is PayFast. They recently announced
they would be accepting bitcoin payments as they have an agreement
with BitX which is the largest bitcoin exchange in Africa.
It will be interesting to see
just how well PayFast works with bitcoin because it could be a vision
of things to come with other online payment providers. What makes
PayFast different when it comes to accepting bitcoin is that customers
can pay in bitcoin while the sellers will receive payment in South
African money. Users who pay with bitcoin will see the real-time
exchange rate and then the transaction is made. And with bitcoin
the transaction fee is lower at 1.9% compared to the 3.9% of most
Many online payment providers
are keeping a close eye on what happens with PayFast because bitcoin
is gaining more popularity on a daily basis. Some big companies
like Overstock.com and Dell are accepting bitcoin and it may not
be long before more online payment processors begin accepting it
as well. Just after PayFast announced they would accept bitcoins,
one of the biggest ecommerce stores in South Africa, Takealot, announced
they would begin accepting bitcoin payments.
Online payment options continue
to expand and it may not be long before other companies follow the
lead of PayFast and begin integrating bitcoin into their systems.