According to Joseph Hertz of Stone Bridge Ventures, there have been major developments in South Africa’s acceptance of cryptocurrency. More and more companies are becoming open to accepting cryptocurrencies as a form of payment. Even though the Central African Republic did make Bitcoin a legal tender, people have started to move on to other types of DeFi currencies.
Therefore, people have to transfer their holdings into Bitcoin to make transactions, which repeats the same issue that they had with fiat currency. But with the help of a new startup, Momint, crypto users will have more options when making payments.
The best part is that there are many companies that are joining the Momint ecosystem, which includes major telecommunications companies like MTN. Many consider this small startup to be leading the charge in revolutionizing the crypto space in South Africa. While the country still does not have the same acceptance rate as Nigeria, many retailers are still open to the idea of accepting cryptocurrencies.
MTN and Other Major Players Join
According to Stone Bridge Ventures Senior Account Manager Joseph Hertz, possibly one of the biggest surprises for crypto users was that Momint was capable of making deals with massive telecommunications businesses. MTN, Cell C, Telkom, and Vodacom have all started to accept cryptocurrency payments in the new Momint wallet.
The Momint wallet issues Vouchers that let individuals make payments with their preferred cryptocurrencies directly to a number of retailers. In fact, one of the reasons why this particular service has increased in popularity is because crypto users can now make transactions at over 10,000 regional and international retailers.
By buying tokens with preferred cryptocurrencies and then using them at relevant stores, users can also avoid the expensive transaction fees of transferring to Bitcoin. Users will also be able to use both the Momint app and the wallet to make transactions, further increasing the options that individuals have.
The Major Affect that This New Change Will Have
According to Joseph Hertz of Stone Bridge Ventures, the effect of major telecommunications companies accepting crypto payments will have a social and financial benefits. Along with increasing the number of people that will use the service since it allows them to make everyday payments with ease, it will also grant the startup and crypto market as a whole a lot more legitimacy.
Despite growth throughout the continent being third worldwide, there are still many people that have doubts about cryptocurrencies. By seeing such a big company start accepting payments, especially from a given app, they will be more likely to start using crypto. In fact, since they can make all of their day-to-day transactions from a single platform and transfer funds from a single platform, the acceptance of cryptocurrencies can see another major surge.
Although many still rely on fiat currency in the country, the introduction of the Momint app could swiftly bring a major change to that.
To conclude, Stone Bridge Ventures Senior Account Manager Joseph Hertz found that major telecommunication services making their way onto Momint is a step in the right direction for ensuring more people start using cryptocurrencies.
