South Africa is quickly becoming a hotbed for crypto activity, with the government introducing VAT laws back in August 2018. HashCash has seized this opportunity to launch its distributed ledger technology (DLT) payment platform in the country, allowing South Africans to pay in a variety of cryptocurrencies. Users of the new payment platform can expect cash back in their bank account within just six business days – considerably less than current systems out there. Once again DLT is making life for merchants more favorable.
Payment Processing at Lightning Speed
Under current systems, it can take multiple hours or even days for merchants to receive the money from a transaction. HashCash is helping merchants in South Africa get their money within a few minutes thanks to its enhanced confirmation times. On top of this, there is no room for chargebacks, so merchants can live without the fear of fraud coming back to bite them.
Wide Range of Cryptos
Currently, the HashCash system that’s going live in South Africa will handle the big names in cryptocurrencies. Merchants will be able to accept Bitcoin, Ethereum, Litecoin, Bitcoin Cash (ABC), and HashCash’s very own native token – HCX. HashCash is working on testing the waters to see if other cryptos would be viable and popular enough to warrant adding to the merchant platform, so merchants can expect to see more cryptos added to the list in the coming months.
VALR Making Crypto Accessible in South Africa
Back in December, VALR launched its very own state-of-the-art crypto exchange, promising to become South Africa’s biggest and most popular exchange. It launched with 50 crypto trading pairs initially, but is working on adding more with every passing month. The VALR crypto exchange is giving South Africans exposure to cryptocurrency like never before, making the demand for a crypto payment processor in the country incredibly high.
Watch Out for Bugs
In November 2018, BitPay – one of the largest crypto merchants in the world – discovered a bug in its code that could potentially allow a hacker to steal private keys. This meant that its entire network of merchants and consumers were required to update their devices and transfer funds to a new wallet. To avoid any embarrassment and lack of customer faith, HashCash needs to be certain that there are no tiny bugs their quality assurance team missed.
There are hundreds of crypto payment processors out there, so HashCash needs its South African venture to launch without a hitch. So far there have been no reports of outages or issues with the service.