In this article, we will talk about Cryptocurrency and South Africans now have a way of using their cryptocurrency to buy goods from several retailers in the country, including MTN, Vodacom, Telkom and Cell C products and Services. let’s talk about what is the entire matter and what kind of benefit they will have when they start to use cryptocurrency. To know more about this scroll down the page and continue to read the article until the end.
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Cryptocurrency is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority such as a government or bank to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have to eliminate the need for traditional intermediaries such as banks when funds are being transferred between two entities.
A Cape Town-based tech startup, Mommit has launched a blockchain wallet that lets traders spend their cryptocurrency at over 10,000 retailers across South Africa. According to the news, Mommit was initially launched as an NFT marketplace, but it is now a wallet/app that can be used to buy a cryptocurrency voucher called 1 voucher which is accepted by all the partner retailers.
Some of the retailers that accept 1Voucher are:
- Cell C
- Pick n Pay
- Total Energies
- Incredible Connection
- Sportsman’s Warehouse
- Cape Union Mart
- Old Khaki
Moment joins the likes of CryptoConvert’s CryptoQR platform, which rolled out cryptocurrency payments to 1,500 Pick n Pay stores in February. However, the CryptoQR platform allows users to spend Bitcoin directly by scanning a QR code.
On the other hand, the Mommit app lets users purchase a 1 Voucher using their Crypto, which can then be used to spend at more than 10,000 small businesses and spaza shops in South Africa. The vouchers can be purchased using Ethereum or USDC.
People can also spend their cryptocurrency at restaurants and with Lift Airlines and Intercape to cover transportation fees when they will purchase this voucher then they received 16 digit pin provided to make payments at the designated retail points.