An app that integrates with users’ crypto wallets so they can withdraw their cryptocurrency as cash at designated ATMS across South Africa has been unveiled by payment company, Paycorp.
The CryptoExpress app has been designed to allow users to convert cryptocurrencies to cash at more than 3,000 crypto-enabled Cash Express ATMs, operated by Paycorp subsidiary, ATM Solutions.
It includes an ATM locator feature to help users easily find the nearest Cash Express ATM in addition to advanced encryption technology and robust multi-layer security measures, the firm said in a statement.
How it works?
To withdraw cash, users simply convert their cryptocurrency from any crypto wallet through the app, authorise the transaction in their crypto wallet, and receive a withdrawal voucher PIN generated by CryptoExpress. They use this PIN and their mobile number at a Cash Express ATM to receive their cash in rand denominations. Cash outs are currently available for Bitcoin, Ethereum, USD Coin, and Tether.
CryptoExpress features real-time on-chain transaction hedging for the sales of cryptocurrencies which means the customer is guaranteed an exchange rate for the duration of the transaction.
Steven Kark, Group CEO of Paycorp said: “Paycorp’s goal is to connect more people to their money, and through launching CryptoExpress we are doing just that. Our ATMs are located at formal and informal retailers, forecourts and hospitality locations in both urban and rural areas, making them easily accessible for the majority of South Africans.”
Citing recent data from Statista.com, which reported that 16.7% of South Africans, (approx 10.24 million people), held cryptocurrency, Kark highlighted continued projected growth to 15 million by 2027.
“Paycorp remains committed to advancing financial inclusion in South Africa. The introduction of the CryptoExpress app, facilitating cardless withdrawals from crypto wallets at Cash Express ATMs, coupled with our Smart ATM rollout, which combines drop safe and ATM functions, underscores this unwavering commitment,” he added.
