PayFast To Be Accepting Bitcoin Payments
One of the most popular online payment methods in South Africa
is PayFast. They recently announced they would be accepting bitcoin
payments as they have an agreement with BitX which is the largest
bitcoin exchange in Africa.
It will be interesting to see just how well PayFast works with
bitcoin because it could be a vision of things to come with other
online payment providers. What makes PayFast different when it
comes to accepting bitcoin is that customers can pay in bitcoin
while the sellers will receive payment in South African money.
Users who pay with bitcoin will see the real-time exchange rate
and then the transaction is made. And with bitcoin the transaction
fee is lower at 1.9% compared to the 3.9% of most EFT’s.
Many online payment providers are keeping a close eye on what
happens with PayFast because bitcoin is gaining more popularity
on a daily basis. Some big companies like Overstock.com and Dell
are accepting bitcoin and it may not be long before more online
payment processors begin accepting it as well. Just after PayFast
announced they would accept bitcoins, one of the biggest ecommerce
stores in South Africa, Takealot, announced they would begin accepting
Online payment options continue to expand and it may not be long
before other companies follow the lead of PayFast and begin integrating
bitcoin into their systems.