Momint, a Web3 marketplace app, has said South African residents can now use cryptocurrency to purchase shopping vouchers which are accepted by over 10,000 retailers. The Momint app can also be used to send cross-border remittances at a fraction of the fees charged by regular money transfer companies.
Vouchers Accepted by Popular Businesses
Momint, a Web3 marketplace, has launched a blockchain wallet which allows South African residents to purchase a shopping voucher with cryptocurrency, a report has said. Holders of the voucher can make payments at over 10,000 retail outlets across the African country.
According to a Mybroadband report, South Africa's retail giants such as Checkers, Woolworths, Engen, and Takealot are some of the outlets that accept the Momint vouchers. The report added that the voucher is also accepted at some 5,000 international retailers.
In comments following the announcement, Momint CEO Ahren Posthumus also revealed that South Africans outside the formal economy can use the Web3 app to make everyday payments. Posthumus further explained why Momint proceeded to make it possible for South Africans to use crypto for regular payments.
"The new South African crypto asset digital regulation is laying the groundwork to protect investors and consumers to make sure businesses are acting ethically in this space. And that is also unlocking this potential for us to use the technology for much cheaper transaction costs, transacting with one another without going through a bank," the Momint CEO said.
In addition to payments, the Momint app can be used to send cross-border remittances at a fraction of the fees charged by regular money transfer companies.
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Source: Bitcoin.com
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