Momint, a local tech start-up based in Cape Town, has launched a blockchain wallet that allows South African consumers to spend their crypto at over 10 000 retailers across the country.
With this new feature, the start-up company says users of the Momint app can use their crypto to purchase at a retailer or restaurant, including food, airtime, household goods and data.
The retail partners include Checkers, Woolworths, Engen and Takealot. Users can also use the wallet for Lift Airlines or Intercape buses to cover transport fees.
Momint explains the in-app wallet also offers users the option to purchase a 1Voucher with their crypto, allowing them to spend their digital currency at over 10 000 small businesses and spaza shops, unlocking crypto’s potential to help grow SA’s informal economy.
According to the company, the Momint blockchain wallet is able to facilitate transactions and payments at 5 000 retailers overseas as well.
It notes the wallet can be used to transfer funds across borders, at a fraction of the cost of traditional methods.
Momint adds that the offering eliminates the need for a centralised financial system and traditional banks.
While Momint is not a crypto-currency exchange platform, it has integrated its in-app wallet with external exchanges, Transak and BankX, to provide users with the ability to top-up their crypto within the app.
Momint users can also purchase USDC and Ethereum within the app, with real-time exchange rate information.
The wallet includes peer-to-peer sending functionalities, and incorporates know your customer, know your transaction and anti-money-laundering checks, the company adds.
“The development of this technology and its corresponding functionality will provide consumers with true self-sovereignty over their digital assets,” says Ahren Posthumus, CEO of Momint.
“Previously, access to this transformative technology was limited by its complexity, which excluded many from benefiting from it. We are tearing down those barriers and making it accessible to all.
“We have worked very hard to lead the charge in revolutionising the financial landscape in Africa, by empowering individuals with the tools they need to spend and use their crypto for their daily purchases,” concludes Posthumus.