It is time for merchants to shift into the new paradigm: Accepting crypto is simple and seamless

WHILE payments may not literally make the world go round, the world certainly functions through the transfer of value for goods and services. As we all know, the world is on a one-way express train into a fully digital era. What was once a straightforward process - cash or card - has evolved into a complex, dynamic ecosystem with evolving technology, shifting consumer expectations, and global economic forces.

- INGE OOSTHUIZEN

This evolution isn’t happening for its own sake; it is driven by a simple truth: consumers want (more) choice, and merchants who fail to provide that choice risk being left behind.

Anyone who is involved in the payments space, in any capacity, be that a retailer or a software partner, understands that today’s payments environment is no longer defined by a handful of options.

Many of today’s consumers are digital natives, while a good portion have adopted a digital way of life, relegating their analogue histories to memory. A digital consumer is accustomed to seamless, instant transactions in every aspect of their lives that require payment.

This has seen the rise of alternative payment methods, such as digital wallets, QR code payments and, increasingly, cryptocurrency.

Until recently, and possibly still prevalent in some circles, a mere mention of the word cryptocurrency invoked images of an investment bubble - think about the hype surrounding Bitcoin over the past few years. However, more and more people have shifted their mindsets. They no longer see crypto as a savings or alternative investment, but as a better type of money.

Yes, there are hardcore advocates who would like to shun all of fiat currency — that is, the money we all use all the time. However, there are also those who keep cryptocurrency in various wallets and platforms, in addition to their rands and cents, and are actively seeking ways to spend this money.

How big is the trend? Statista estimates that, in 2025, more than 10% of South Africans own cryptocurrency. It anticipates that there will be more than 7 million local crypto users by 2026, most of them millennials.

Many of these young, tech-savvy people are already using crypto to make purchases, in line with a global shift towards crypto becoming a mainstream payment method.