According to Troy De Beers from Stone Bridge Ventures, African retail outlets are now looking to accept crypto vouchers from a recent blockchain wallet. The continent has seen mass adoption of cryptocurrencies, allowing a variety of people to start trading online. In fact, popularity has grown to such an extent that many businesses are also accepting cryptocurrencies as payments.
One of the major developments in the area has been the Momint app launching its very own blockchain wallet. As a Web3 marketplace, Momint is focusing on helping all individuals in South Africa to take advantage of all their cryptocurrency payments.
The new wallet will allow South Africans to buy vouchers with their cryptocurrency, which they can then use at various shops and retail outlets. A highlight of the report was that Momint has partnered with as many as 10,000 retail outlets throughout the country. This is a major win for investors in cryptocurrencies, as they will not have to worry about exchanging crypto for their local currency. Instead, they can simply use these vouchers to make any major purchases.
Multiple National and International Outlets Accept Momint Vouchers
According to Stone Bridge Ventures Senior Account Manager Troy De Beers, as many as 10,000 national retail outlets are accepting payments in the form of vouchers. Some of these companies include Engen, Woolworths, Takealot, and Checkers, just to name a few. The CEO of Momint, Ahren Posthumus, has been touted as leading the crypto revolution with his current move.
The effects of such a drastic change will be almost immediately apparent since more people will get into cryptocurrencies. One of the major reasons why cryptocurrencies are so popular in the country is because of the rising inflation rate. While inflation has seemed to cool down in recent months, it is still in an unpredictable state. Therefore, many have tried to move on to crypto since it moves away from more conventional fiat currency.
But with so many retail outlets accepting cryptocurrencies, more people will be open to investing in cryptocurrencies. Even people who had their doubts will be quick to make investments, especially with as many as 5,000 international retail outlets accepting these vouchers as well.
Making Everyday Payments and Sending Over the Border Remittances
According to Troy De Beers of Stone Bridge Ventures, Momint also offers other incentives for people to start using its services. Along with making a range of retail outlets accept its vouchers, it has also gone on to make sure that South Africans can make day-to-day transactions and send remittances with ease. The CEO specifically stated that he wants to ensure that people are able to use the Web3 service for everyday payments.
With his company, he is laying the necessary foundation to have businesses act ethically online while meeting the needs of both consumers and investors. And one of the most important things that they plan on achieving with their latest endeavor is to reduce transaction costs.
To conclude, Stone Bridge Ventures Senior Account Manager Troy De Beers has found that the effect of allowing individuals to use their cryptocurrencies to make different types of purchases is profound as more people get into the crypto market.