Bybit, a cryptocurrency exchange platform that supports more than 80 million global users, deployed its Bybit Pay software in South Africa. The company partnered with MoneyBadger, a local payments provider that processes transactions through point-of-sale systems, to manage the backend financial infrastructure. The integration allows consumers to purchase goods using digital assets at retail locations across the country.
The deployment connects the exchange application to existing merchant terminal networks. The system supports online checkout forms and physical point-of-sale systems through QR code scanning. When a customer initiates a transaction using the exchange application, the software vendor processes the payment and executes an immediate currency conversion. The merchant receives the final settlement in South African rand, eliminating the requirement to hold digital assets or manage price volatility.
Consumers can execute purchases using Bitcoin, stablecoins and over 20 supported digital assets. The software manages transactions ranging from $0.06 to $2,500, with settlement times averaging 10 to 15 seconds. The platform processes these QR-based transactions without applying additional user fees. To utilize the software, customers must activate the payment feature within the exchange application and complete identity verification requirements.
The software vendor integration establishes connectivity across several regional payment networks. The system provides access to more than 650,000 locations through the Scan to Pay network and 31,000 locations via the Zapper system. The infrastructure also supports transactions at over 1,500 Pick n Pay retail stores. Additional online and physical location coverage includes 120 merchants using Peach and more than 440 merchants operating on Ozow.
Data from the Triple-A 2024 estimates indicates South Africa maintains a cryptocurrency ownership rate of 9.44 percent, representing roughly 5.8 million people. The data suggests 52 percent of these digital asset holders already execute retail purchases using cryptocurrency.
“Crypto payments are entering a new phase where the focus is shifting from trading to real-world utility. Bybit Pay connects digital assets to everyday commerce, and our partnership with MoneyBadger enables seamless spending across South Africa,” said Sophie Chen, head of marketing at Bybit Card and Bybit Pay.
“At MoneyBadger, our goal is to make paying with Bitcoin and crypto as simple as scanning a QR code. By enabling Bybit Pay across our network, millions of users can now spend crypto at everyday merchants across South Africa, while merchants continue to receive settlement in rand,” said Carel van Wyk, CEO of MoneyBadger.
