Triple-A and Paycorp team up for South Africans to withdraw crypto as cash at ATMs

Triple-A, a digital currency payment company, has partnered with Paycorp, a South African fintech company, to enable users to withdraw their cryptocurrencies as cash from over 3,000 ATMs in the country. 

This feature is only available to South African users of the Paycorp-powered CryptoExpress app. 

Key quote

• Steven Kark, the CEO of Paycorp, said:

“This collaboration with Triple-A, a trusted leader in digital currency payments, is a testament to that commitment. Together, we are providing a convenient way for crypto holders in South Africa to access and utilize their digital assets.”

• Eric Barbier, the Founder and CEO of Triple-A, said:

“Triple-A aims to bridge the gap between digital and traditional currencies, which aligns perfectly with Paycorp’s mission of connecting more people to their money.”

Quick fact

• Paycorp is an ATM management and transition processing firm in South Africa with a presence in Central and Eastern Europe and the United Kingdom. 
• The CryptoExpress app uses some of Paycorp’s existing Cash Express ATMs. These ATMs allow users to withdraw cash support digital wallets, and voucher transactions.
• This partnership follows the launch of Paycorp’s CryptoExpress app that allows users to convert their crypto assets to South African rand. 
• The app is free for download on the iOS and Android app stores.

How it works

• After successfully registering and onboarding, users can authorize transactions in their digital currency wallet by converting their cryptocurrency to rands through the app.
• The app then generates a withdrawal voucher PIN.
• At a Cash Express ATM, users must enter their mobile number and withdrawal PIN to complete the transaction.

Zoom out

• Across Africa, withdrawing cryptocurrency as cash at ATMs has grown in popularity, particularly in South Africa, which boasts the continent’s highest number of Bitcoin ATMs.
• South Africa is arguably emerging as a frontrunner in developing crypto-based infrastructure in Africa, thanks to its implementation of regulatory frameworks for digital assets.
• In July, the South African Financial Sector Conduct Authority (FSCA) mandated all crypto exchanges in the country to obtain a license before the end of 2023. 
• The FSCA is currently evaluating applications from cryptocurrency companies for operational licenses.
• The aim is to establish clear regulations and guidelines for cryptocurrency companies and  prevent consumers from falling prey to cryptocurrency scams.