The rise of Bitcoin and digital payment systems in South Africa
[Partner Content] 22 MAR 2016

For all of the recent troubling political turmoil in South Africa, it seems that at least our technological take-up is proving to be a little more successful.

We’ve finally received the long-overdue video streaming services like Netflix, and the country’s increasingly competitive online gaming sites can now get a helping hand thanks to the current range of digital payments systems that are sweeping the nation.

bitcoin minted coins

Most of us have probably heard of Bitcoin, but few of us will have had first-hand experience of the cryptocurrency. However, all of that looks set to change as South Africa recently received its first Bitcoin vending machine.

The vending machine in Johannesburg allows users to exchange their South African Rand for Bitcoin’s cryptocurrency that is enjoying a great deal of prestige for the way it allows digital transactions to be made away from the control of centralised banks and governments.

In order to use such revolutionary systems, the Bitcoin user must have a special app such as the Blockchain wallet on their smartphone that is then able to register all of the transactions made to act as a hyper-secure digital payment method.

block chain technology

And with plans for further Bitcoin vending machines in Cape Town and Pretoria, and even a South African Bitcoin community extolling the virtues of the cryptocurrency, it’s clear that Bitcoin is here to stay.

But South Africans have also been enjoying some less complex technological payment innovations too. This is because the rise of simple digital wallet systems such as Neteller have allowed South African gamers an easier way make deposits and see the range of video poker games available at Springbok Casino.

The rise of entertainment sites that provide a user-friendly selection of casino games is further evidence of the way in which South Africans have gradually been moving into a virtual environment that no longer requires the messy and inefficient cash transactions.

wechat plushies

And one particularly promising South African company who have made some striking inroads into providing a simple Bluetooth-enabled digital payment methodology is Snapscan. This company’s digital payment technology has already been adopted by no less than 25,000 retailers across the Rainbow Nation.

And with the likes of WeChat teaming up with Standard Bank to create a new mobile wallet, we could all be receiving payments from casinos and making simple online transactions with much greater ease in the upcoming years.

  • Brandon Lee

    interesting article Craig I believe bitcoin has a massive amount of untapped potential but because it’s value fluctuates and is not reliable enough I think some companies are afraid to take the plunge.