SOUTH African fintech giant, Paycorp, has unveiled CryptoExpress, an innovative mobile application enabling users to withdraw their cryptocurrency holdings as South African rand from approximately 3,000 ATMs nationwide. This groundbreaking app interfaces directly with various cryptocurrency wallets, facilitating withdrawals at Cash Express ATMs managed by ATM Solutions, a subsidiary of Paycorp.
Compatible with both iOS and Android platforms, the CryptoExpress app boasts a unique feature enabling users to pinpoint nearby Cash Express ATMs for converting Bitcoin, Ether, and stablecoins such as USDC and Tether into physical cash.
The operational mechanics of CryptoExpress require users to initiate a cryptocurrency-to-cash conversion within the app. Upon authorization of the transaction in their cryptocurrency wallet, CryptoExpress dispatches a withdrawal voucher PIN to the user. Subsequently, users can visit any Cash Express ATM, input their mobile number, and enter the withdrawal voucher PIN to receive South African Rand in hand.
Highlighting the scarcity of Bitcoin ATMs in South Africa, Paycorp stated that only approximately 30 such ATMs exist, predominantly located within major cities across the nation.
South Africa, among the select African countries imposing taxes on cryptocurrencies, has recently forged a coalition with 47 other nations. This collaboration aims to combat tax evasion among traders dealing with Non-Fungible Tokens (NFTs) and various other cryptocurrencies, signalling a concerted effort towards regulatory oversight within the digital asset sphere.