South Africa: Make Swift Money Transfers With Bitcoin or MTOs

30 November 2018

Money Transfer

Just like with PayPal and other online payment services, people who use a bitcoin wallet can make payments from any location which offers access to the internet.

Bitcoin and other virtual currencies offer a range of unique benefits for people who regularly need to transfer money to someone in an African country. They are relatively secure, but in many countries, they remain unregulated, so as with any payment method, there is an element of risk.

The South African central bank has tested out the usefulness of bitcoin and many citizens and businesses also accept it as a form of payment. There are services which accept bitcoin and also pay in African Rand if that suits the payee. Furthermore, many bitcoin business directories exist and are packed with outlets which have a bitcoin address, and take crypto payments direct to their wallet.

Although the African continent may not have been as quick to adopt cryptocurrency payments as Europe, Asia and North America, in recent years both individuals and businesses have built up a network of bitcoin initiatives. Read the full article on Tech Financials here.