South Africans are increasingly using crypto to pay for goods and services, according to a new report by Luno, South Africas crypto investment app, and a licensed FSP.
Christo de Wit, Lunos country manager for South Africa, says, One of the fundamental principles of money is its redeemability. Cryptocurrency is increasingly being treated as more than just an investment.
The new Luno report, Bridging digital and fiat - cryptos role in modern payments, highlights the growth of crypto payments, with retail giant Pick n Pay for instance recording over R1 million in monthly sales paid in crypto from just R25,000 a year ago.
Luno has processed more than R3 million worth of crypto payments through the Luno Pay feature since its launch in September 2023. The average basket size for purchases on Luno Pay is R370 and the largest basket to date was R10,000 (a Luno-imposed limit). The most popular cryptocurrency used in payments is Bitcoin, also the most popular crypto investment on Luno.
In a recent Luno social media poll, almost 40% of respondents said they used crypto to make payments. This provides an indication of how crypto is being used by those potentially more familiar with crypto than the broader public.
