New app lets South Africans withdraw cryptocurrency from ATMs – The Mail & Guardian

Global payments company Paycorp has unveiled CryptoExpress, an app designed to simplify the conversion of cryptocurrencies into cash for South Africans. The CryptoExpress app seamlessly integrates with users’ crypto wallets, allowing them to seamlessly withdraw cryptocurrencies into cash at over 3,000 cryptocurrency-capable Cash Express ATMs across the country. Cash Express ATMs are operated by Paycorp’s subsidiary, ATM Solutions.

Available for both iOS and Android, CryptoExpress features cutting-edge encryption technology and robust multi-layered security measures, ensuring users are kept safe and secure. The app also includes an ATM locator feature to help users easily find the nearest Cash Express ATM.

To withdraw cash, users simply convert their cryptocurrency from any cryptocurrency wallet through the app, authorize the transaction in their cryptocurrency wallet, and receive a withdrawal voucher PIN generated by CryptoExpress. They use this PIN and their mobile phone number at a Cash Express ATM to receive cash in rand denominations. Cash withdrawals are currently available for Bitcoin, Ethereum, USD Coin, and Tether. CryptoExpress offers real-time on-chain transaction security for cryptocurrency sales, guaranteeing the customer the exchange rate for the duration of the transaction, regardless of the constantly changing cryptocurrency exchange rates.

Steven Kark, CEO of Paycorp, says: “Paycorp’s goal is to connect more people with their money, and with the launch of CryptoExpress, we are doing just that. Our ATMs are located in formal and informal retail outlets, forecourts and food courts in both urban and rural areas, making them easily accessible to most South Africans.”

Citing recent data from Statista.com that 16.7% of South Africans, or 10.24 million people, hold cryptocurrency, Kark highlighted the statistics portal’s projected growth to 15 million by 2027. He stressed: “Paycorp remains committed to promoting financial inclusion in South Africa. The introduction of the CryptoExpress app, facilitating cardless withdrawals from cryptocurrency wallets at Cash Express ATMs, coupled with the implementation of the Smart ATM, which combines drop safe and ATM functions, underscores this unwavering commitment.”