Ukheshe company significantly propels South Africa’s digital transformation in trade

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  • Ukheshe’s broad B2B solution enables banks, telcos, and fintechs to provide digital payment services
  • IITPSA awarded Ukheshe with Technology Excellence 2021 due to its multiple APIs.
  • Scan to Pay is the largest QR ecosystem in South Africa.
  • Xion Global and Ukheshe company have partnered to add crypto payment services within their payment service, Scan to Pay.

Africa’s crypto market has significantly changed the course of several nations. Countries like Nigeria, Kenya, Egypt, and South Africa have embraced new technologies like blockchain, AI, and the metaverse. Despite this feat, many governments are yet to accept the revolutionary concept of crypto payment services. Its high value and advanced systems have threatened to devalue several fiat currencies. 

Due to this fear, many countries have rejected such systems, forcing the industry to rely on individual traders. This fact has become a norm throughout Africa, but despite this, one country has embraced this technology since it first came to Africa, South Africa. South Africa’s crypto market has flourished through the efforts of its government and individual traders. In recent news, South Africa has taken another step as Ukheshe’s latest feature, Scan to Pay, partnered with Xion Global to develop a new crypto payment feature.

Who are Ukheshe Organization

As Africa’s crypto market steadily grew, developers discovered the flexibility of blockchain technology. Soon, decentralized applications gained much recognition. Its high speed and innate security measures led to its integration into other sectors. Industries like Agritech, Medical Technology, and the financial sector embraced blockchain technology, surpassing previous limitations.

In addition, this experimentation led to one of the fastest-growing industries, the fintech industry. Organizations, entrepreneurs, and traditional financial institutions developed intech branches to keep up with the changing times. This movement led Jason Penton, Mike Smits, and Paul Carter-Brown to develop Ukheshe into a fintech organization boosting South Africa’s Crypto market.

Ukheshe company, meaning cash in isiZulu, began as a smartphone application and a QR card, providing South Africa with better payment systems. South Africa was among the first countries to embrace digital assets, and its government heavily supported its traders. Despite this, local fintech companies were still scarce, with the likes of Luno in its infancy. Its new approach to South Africa’s financial issues caught the eye of major investors and partners like Mastercard.

Ukheshe Team has worked tirelessly to provide South Africa with the means to transact seamlessly, faster, and safer through its wide array of tools.[Photo/Ukheshe]
Ukheshe’s broad B2B solution enables banks, telcos, and fintechs to provide payment services. In under three years, Ukheshe has grown from a small payment provider with only 12 employees to providing Banking-as-a-Services to fintech corporations. Through its payment services and contributions to South Africa’s digital transformation, the IITPSA awarded Ukheshe with Technology Excellence 2021.

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Its integration of blockchain technology led to the development of its Eclipse API. This new feature allowed companies to integrate payment, transactions, transfers, and other digital solutions. This enabled their business and corporations to avoid large development and compliance costs. Its powerful APIs led to digital onboarding features, digital wallets, and cross-border remittances alongside their capabilities. As a fintech organization, its Eclipse feature gained the attention of Royal Park Partners in 2021. This collaboration enabled the payment provider to open an international branch, Ukheshe International, in the UK.

Since 2018, Ukheshe has rapidly scaled having over 100 customers ranging from banks, mobile network providers, and SMMEs. According to its official site, Ukheshe’s goal is to transform the lives of Africans by providing critical financial products and services. Empowered by this motto, it has been a critical player in South Africa’s digital transformation. 

Ukheshe Company stepped into South Africa’s crypto Market.

With South Africa’s growing crypto market, it was only a matter of time before Ukheshe provided crypto payment services. Xion Global and Ukheshe company have partnered to add crypto payment services within their payment service, Scan to Pay.

Scan to pay is among many of Ukheshe’s capabilities to provide seamless QR code transactions. It can benefit merchants through effortlessly creating and managing static or dynamic QR codes to receive payment. It also aids customers by providing convenience, safety, and security when making any transaction. Its underlying technology significantly increases its use within South Africa.

Today, it is the largest QR ecosystem in South Africa, serving more than six acquirers, 94 PSPs, 14 banks and fintechs, Three MNOs, and over 500,000 merchants. In addition, Scan to Pay has more than 3 Million Direct APP Downloads, including, featuring in 16 million Banking apps.

Its growing ecosystem has provided the perfect environment for crypto payment systems. Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, stated that cryptocurrency provides users with a wide range of opportunities. In addition, South Africa’s crypto market has significantly grown, establishing an ample market space for its crypto payment system. He said, “Cryptocurrency payments have the potential to transform the way people transact with lower fees, faster settlement times, and greater financial sovereignty – something Ukheshe is excited to offer through Scan to Pay.”

Also, Read African-based Yellow Card launches a new feature in its crypto app, Yellow Pay.

According to a Deloitte survey, crypto payment systems will become more mainstream if the market maintains its valuation. Ronan Quarmby, CEO of Xion Global, claimed that the positive take on cryptocurrency in South Africa will make the launch and success of the new crypto payment service much easier.

He added, “With 83% of these owners falling within the 18-44 age group and 52% using crypto for purchases, it’s evident that web3 payments represent the future of online transactions in the country. With increasing cryptocurrency adoption, South African businesses recognize its potential, and 94% of business owners already believe integrating cryptocurrency payments would be advantageous. As web3 payments evolve rapidly, especially in emerging markets, South Africa is poised to lead the charge in Africa. 

Additional Features of Scan to Pay Crypto Payment System

In addition, Xion Global is a multi-chain crypto payment gateway with a vast accessory of web3 tools. It contains an array of Web3 Wallet Tools and payment services with users ranging from Polyon to Avalanche.

Scan to Pay is now offering crypto payment services in South Africa.[Photo/Medium]
Scan to Pay has further desensitized its population towards digital money This feat will enable a smooth transition of its crypto payment service. In addition, XIon Global will incorporate robust security systems like AML, KYC, KYB, and KYT. These services will protect against unauthorized funds and prevent any malicious merchant actions.

Also, Read the Driving force behind South Africa’s crypto adoption rate.

In addition, Xion Global has collaborated with Polygon Labs to further the crypto payment movement in South Africa. Ronan Quarmby has emphasized that this partnership is only the beginning for Xion Global and Scan to Pay. He said, “Xion Global recognized the expansive reach and potential of Scan to Pay, powered by Ukheshe, and this new partnership made absolute sense. We will roll out the solution in phases. Consumers can benefit from gasless USDT (Polygon) transactions during Phase 1, expanding to multi-chain payments in Phase 2. Phase 3 will offer cashback rewards, loyalty programs, and discounts at specific Scan to Pay merchants, motivating users to incorporate crypto payments into their daily routines.

Scan to Pay provides the next step for change in South Africa

As mentioned, South Africa is one of the few African countries whose government has taken active steps to support its crypto market. In under two decades, SA’s government has provided policies, crypto infrastructure, and blockchain courses. These efforts have each contributed to propelling South Africa’s digital transformation.

Among its greatest feats occurred in 2022, when it officially recognized crypto as a financial product. This feat acted as a catalyst that propelled South Africa’s journey to dominate the continent’s crypto market. In addition, it provided the incentive its government required to create crypto laws. Through establishing a fair and sustainable legal framework, South Africa will provide the necessary environment for its economy to benefit from crypto.

Ukheshe has paved the way for change in South Africa. Its latest crypto payment system will further this movement redefining South Africa’s digital transformation.



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Ken Mutuku
Ken Mutuku
Your Guide to the Future of Tech, Web3, and Digital Storytelling. With a keen eye for detail and a knack for concise communication, Ken Mutuku is your go-to professional for decoding the next wave of technological evolution. Whether through captivating videos, insightful articles, or engaging presentations, he masterfully crafts messages that deeply resonate with his audience, setting him apart in the digital landscape.
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