South Africa is among the top three African countries with the highest crypto activity. It is, therefore, an attractive market for companies that issue crypto-funded debit cards.
Indeed, on the continent, South Africa has the longest list of crypto-funded debit cards one can choose from. In this post, we take a quick look at the top 6 most used in the country.
1. Cryptopay
Cryptopay is registered in the United Kingdom and the European Union as a financial service provider. The company was founded in 2013 by Dmitry Gunyashov and George Basiladze to provide digital wallet solutions for both businesses and individuals.
South Africa is one of over a hundred countries that Cryptopay serves. Besides a cryptocurrency wallet, once someone signs up, they get a virtual Visa card, and shortly after, the plastic version is shipped to them.
One can load the card using Bitcoin, Ethereum, Litecoin, and Ripple. When shopping or making payments, the funds are converted to the US Dollar, the British pound, or the Euro.
2. ClubSwan
Unlike all the other cards on this list, you get the ClubSwan debit card by registering to become an elite club member. Besides the potential to spend your crypto in millions of online and brick-and-mortar stores, you get other benefits such as discounts and exclusive deals with partner merchants.
ClubSwan accepts membership applications from over 100 countries, including South Africa. You also get two bank accounts (dollar and Euro) and a debit card with a membership. You can easily but manually move your money between crypto and fiat.
You can even receive payments in fiat by sharing your bank account connected to the card. Meanwhile, you can top up the card using Bitcoin, Ethereum, Litecoin, among other cryptocurrencies.
As a ClubSwan member, you can order a metallic debit card with a customized design. This makes you stand out when making payments as the card becomes a statement piece in addition to a payment method.
3. Crypterium
The company behind this debit card was founded in 2017 by Austin Kimm, Gleb Markov, and Vladimir Gorbunov. The company is based in Estonia but serves close to 40 countries, including South Africa.
The Crypterium debit card is Visa supported and loaded using close to 20 different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
4. Paycent
Little information is available online on the founders of the company. It is, however, indicated that it was founded in 2016 as mainly a digital wallet that allows users to receive and spend digital currencies.
The Paycent app supports Bitcoin Ethereum, Litecoin, and close to ten other coins.
The Paycent Card is Mastercard supported and can be used to shop and withdraw cash in local currency at ATMs in over 200 countries, including South Africa.
5. Uquid
The company was founded in 2016 by Tran Hung through an initial coin offering (ICO). The company is headquartered in the United Kingdom but serves over a hundred countries, including South Africa.
The card is issued with no ID required and exists both as a virtual and plastic copy. You can top it up with more than 40 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
6. Advcash
This is a Russian-based online payment processor with close to two decades in the market. Crypto payment is a category of payment methods that the service supports.
The card is Visa and Mastercard supported and is available in over 200 countries, including South Africa.
To top up the card using crypto, you need to connect your account with your Binance wallet. That means Advcash does not support crypto directly.
Conclusion
The list might keep growing as more South Africans start using cryptocurrencies. Also, some of the current players might exit the market as factors like regulation come into play.
