Paycorp has introduced CryptoExpress, an app designed to simplify the conversion of cryptocurrencies to cash for South Africans. Seamlessly integrating with users’ crypto wallets, the app allows them to effortlessly withdraw cryptocurrency as cash at over 3,000 crypto-enabled Cash Express ATMs nationwide, operated by Paycorp subsidiary ATM Solutions.
Available on both iOS and Android, CryptoExpress incorporates state-of-the-art encryption technology and robust multi-layer security measures, ensuring the highest level of safety for users. The app also features an ATM locator to assist users in finding the nearest Cash Express ATM.
To withdraw cash, users can convert their cryptocurrency from any crypto wallet through the app, authorize the transaction in their crypto wallet, and receive a withdrawal voucher PIN generated by CryptoExpress. This PIN, along with their mobile number, is then used at a Cash Express ATM to receive cash in rand denominations. Currently supporting Bitcoin, Ethereum, USD Coin, and Tether, CryptoExpress offers real-time on-chain transaction hedging for cryptocurrency sales, guaranteeing a fixed exchange rate for the duration of the transaction despite fluctuating crypto exchange rates.
Steven Kark, Group CEO of Paycorp, emphasizes the company’s goal to connect more people to their money through the launch of CryptoExpress. With ATMs strategically located in both urban and rural areas at formal and informal retailers, forecourts, and hospitality locations, the service is easily accessible for the majority of South Africans.
Citing recent data from Statista.com, which indicates that 16.7% of South Africans, equivalent to 10.24 million individuals, hold cryptocurrency, Kark notes the projected growth to 15 million by 2027. He underscores Paycorp’s commitment to advancing financial inclusion in South Africa, citing the CryptoExpress app’s introduction for cardless withdrawals from crypto wallets at Cash Express ATMs and the Smart ATM rollout, combining drop safe and ATM functions, as key elements of this commitment.
