Fintech firm 6DOT50is targeting broader commercial adoption, with plans to extend the reach of its banking-grade voucher payment platform across multiple industries.
So said CEO and founder Warren Venter, in an interview with ITWeb following integration of the fintech platform across 69 Super Group Dealerships, which represent 35 vehicle brands.
A Hyperclear Ventures fintech subsidiary, 6DOT50 was commercially launched in 2020, with a focus on financial inclusion of unbanked and underbanked customers in emerging markets.
It is a banking-grade voucher transaction platform that enables digital vouchers to function as both a store of value and a mode of payment.
Organisations use it to distribute rewards, incentives, commissions, insurance claim settlements and other forms of digital value. Consumers can also purchase voucher value using bank cards, EFT, cash and, more recently, crypto-currency.
To date, 6DOT50 has processed close to R50 million in crypto-currency-funded transactions across its merchant network of more than 90 000 retail stores and online merchants, according to Venter.
Earlier this month, the fintech firm activated its platform to integrate with the Seriti Solutions automotive finance technology platform that resulted in a crypto-currency vehicle purchase through Mercedes-Benz Constantiaberg, which is part of the Super Group Dealerships network in South Africa.
The crypto was converted into 6DOT50 voucher value through an approved crypto-currency service provider. The voucher value was then used to complete the vehicle purchase through the dealership’s existing payment process. The dealership received settlement in South African rands, explains Venter.
“Research consistently shows that most crypto-currency holders would like to use their digital assets to pay for everyday goods and services rather than simply hold them as investments. In South Africa alone, this represents a significant pool of purchasing power,” he says.
“By enabling crypto-currency as another funding method for 6DOT50 voucher wallets, users can spend their value, while merchants continue accepting a familiar, stable payment instrument without being exposed to crypto-currency price volatility or additional settlement complexity.”
Through the integration between 6DOT50 and the Seriti platform, Super Group Dealerships can now accept payments funded through any of eight supported crypto-currencies.
Customers top up their 6DOT50 account using crypto-currency and complete payment directly with the dealership through an integrated and compliant settlement process.
“Prior to the recent integration with Seriti and Super Group Dealerships, 6DOT50 had already facilitated 12 crypto-currency-funded vehicle purchases using its existing voucher platform.
“The latest integrated transaction represents the 13th vehicle sale and demonstrates how crypto-currency-funded payments can now form part of a seamless dealership payment process.”
The integration process can be completed in a week, followed by a further week of end-to-end testing and certification, depending on the merchant’s environment.
Merchants don’t need to change their existing payment or settlement processes. Once integrated, merchants can accept 6DOT50 vouchers as an additional payment method, while continuing to receive settlement in rands through established payment rails, he highlights.
According to Venter, crypto has previously been used to purchase vehicles. However, this marks the first fully-integrated dealership implementation where crypto-currency conversion, voucher issuance, payment acceptance and merchant settlement occur seamlessly as part of the dealership’s standard sales and payment workflow.
“The transaction was fully funded upfront using crypto-currency. Once converted into 6DOT50 voucher value, the full purchase amount was settled as a once-off payment, like any other cash-equivalent transaction,” he explains.
Venter points out that crypto-currency is another way for consumers to fund voucher value, alongside bank cards, EFT and cash.
“Following the activation of 69 dealerships representing 35 vehicle brands, our immediate objective is to extend this capability to the more than 1 200 dealerships operating on the Seriti platform.
“More broadly, we will continue enabling merchants across multiple industries to accept 6DOT50 vouchers as an additional payment method, allowing them to access the growing crypto-currency economy without changing how they receive settlement.”
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