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South African Point of Sale (PoS) startup Walletec has announced that it has integrated global bitcoin payment service, BitPay, in an attempt to grow the acceptance of the cryptocurrency in brick-and-mortar retail locations.
The blog post stresses that by allowing customers to pay at the PoS, using bitcoin, will increase merchant sales and earnings. It also states that as the currency expands, merchants can earn money on bitcoin sales and save costs by reducing credit card payments.
“Wallettec’s mission is to become a single interface point between the PoS or payment solution and any mobile/e-wallet solution,” founder of Wallettec, Johan Meyer, says.
“Not only will merchants increase their bottom line profits by saving on credit card fees and commission, but also eliminate the risk of credit card fraud or chargebacks,” the company argues.
Wallettec states that since its platform integrates with existing mobile applications, retailers are free to try out new things. The company’s service enables merchants to accept consumer payments via their mobile wallets while allowing more transaction service providers and application vendors to direct more sales to their retail centers.
Just a while ago, one of the country’s most popular online payment solutions, PayFast, has partnered with South Africa’s bitcoin exchange BitX. The move means that an estimated 3000 online merchants can now potentially adopt bitcoin as a payment method. One of South Africa’s biggest online shopping sites Takealot has also began accepting bitcoin as method of payment. We’ve also seen prepaid bitcoin startup Xoin which is on a mission to drive SA’s ecommerce and adoption.