ForumPay and 6DOT50 enable crypto spending across more than 80 000 stores and online retailers in South Africa.

19 July 2022 - More than $3.4 trillion worth of cryptocurrencies are traded between exchanges and businesses every year, yet retailers have been slow to adopt crypto as a form of payment mostly due to the inherent volatility risks and integration requirements associated with accepting cryptocurrencies.

The partnership between ForumPay, a global cryptocurrency payments technology provider, and 6DOT50, a global Voucher Exchange and Transactional Services Platform, has removed the crypto payment volatility risks and integration requirements resulting in more than R4.5 million in crypto to merchant transactions already concluded across South Africa. With transaction volumes and values growing exponentially, crypto as a mode of payment is becoming a reality in South Africa.

“Most businesses are not yet ready to accept crypto directly as a form of payment, so we stepped in to bridge the gap between the crypto users wanting to spend their value and the merchants wanting to accept crypto value but without having to handle the inherent risks associated with accepting crypto payments,” says Warren Venter, the CEO, and founder of 6DOT50. “Our integration with ForumPay enables us to handle all crypto-related spending without our merchants having to accept any cryptocurrency. We settle our merchants in South African Rands directly into their preferred bank account. In fact, 99% of our more than 80?000 stores and online retailers have been enjoying crypto spend without knowing it” says Venter.

“6DOT50 is a unique and innovative integration partner offering an exceptional service that enables frictionless crypto payments. We are excited to see the increased adoption of crypto users using 6DOT50 to pay for a range of services from coffee to cars,” says Josh Tate, the CEO, and co-founder of ForumPay.

?In May 2022, 6DOT50 partnered with Trading Auto Prestige, an online premium car dealer, following demand from crypto enthusiasts looking to buy new and used cars. More than R1.2 million in crypto value has already been processed through Trading Auto. “By adding 6DOT50 as a payment option, our customers are now able to use their crypto value to pay for their new and used car purchases. Honestly, we would not have secured these new customers if we did not offer the 6DOT50 crypto payment solution,” says Jaco Uys, the Operations Director of Trading Auto Prestige.

?Merchants already benefiting from crypto spending via 6DOT50 include all Zapper QR-enabled stores and online retailers including Loot, One Day Only, Dischem, Total, Kauai, FlySafair, Yuppie Chef, Spur, and Payfast integrated merchants, as well as an additional 20?000 stores including Shoprite, Checkers, Cape Union Mart, Mr D, Mugg & Bean, Steers, Incredible Connection, and Nandos.

?6DOT50 has recently enabled users from 13 additional countries to open free 6DOT50 Accounts. “By enabling users across multiple territories to access 6DOT50 Accounts we are now well positioned to drive innovative cross-border solutions, watch this space!” says Venter.