Momint integrates voucher payment into blockchain wallet

Momint, a web3 social app has said that customers can now use cryptocurrency in their Momint wallet to purchase shopping vouchers, which are accepted by over 10,000 retailers in South Africa.

Key facts  

• Momint’s CEO, Ahren Posthumus explained in an interview that this is made possible because of the company’s partnership with 1Voucher, a South African payment voucher gateway.
• He added that the vouchers can be purchased using Ethereum or USDC.
• Some South African retail companies that accept the Momint voucher include Checkers, Woolworths, Engen and Takealot.
• Users can also use their vouchers at restaurants, as well as cover transportation fees. It also enables transactions at 5,000 international retailers, he said.
• Initially launched as a non-fungible token (NFT) marketplace, the Momint wallet can also be used for remittances.
• Other reports have highlighted that while Momint’s platform is not akin to crypto exchange platforms, users can perform peer-to-peer transactions as well as purchase USDC and ether within the app.

Key quote

Speaking on the company’s decision, Posthumus said:

“From the very beginning, our number one goal was to use blockchain technology for real-world things ... how we can bring cryptocurrency into the real world and give people access to it so they can buy airtime, flights, book tickets, etc, especially in the informal economy.”

Before now  

• Momint joins the likes of Pick n Pay, which also allows customers to pay for items using cryptocurrency.
• In February, Pick n Pay, the third-largest retail store in South Africa launched a payments system that allows users to pay for goods with Bitcoin, according to a Mariblock report.
• The system was launched in partnership with the crypto payments company CryptoConvert and payments are processed using the Bitcoin Lightning Network. This ensures that payments are settled immediately.

Zoom out

• South Africa has been one of the most crypto-friendly countries in Africa, allowing cryptocurrency-based payments, trades and investments to flourish, while working to protect investors as well.
• Recently, the South African Financial Sector Conduct Authority (FSCA) mandated all crypto exchanges in the country to obtain a license by the end of the year. According to the regulator, this measure aims to protect financial consumers from the risks associated with cryptocurrencies.
• Speaking on regulations, Posthumus said:

“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.”