Momint Launches Blockchain Wallet That Allows South Africans to Spend Crypto at Over 10,000 Retailers
Momint, a Cape Town-based tech start-up, has introduced an innovative blockchain wallet that revolutionizes the way South African consumers utilize their cryptocurrency. With the new Momint feature, the start-up company says users of the Momint app can use their crypto to purchase at a retailer or restaurant, including food, airtime, household goods, and data.
By Anna B Kiwanuka
Momint, a Cape Town-based tech start-up, is breaking new ground with its innovative blockchain wallet, allowing South African consumers to use their crypto at over 10,000 retailers nationwide. This groundbreaking feature lets users spend their digital currency on a variety of goods, from food and household items to airtime and data, at major retail partners like Checkers, Woolworths, Engen, and Takealot. Even transportation options, such as Lift Airlines and Intercape buses, accept crypto for travel fees.
But that’s not all; Momint’s impact goes beyond large retailers. With the option to buy a 1Voucher with crypto, more than 10,000 small businesses and spaza shops are now part of the crypto spending potential, supporting the growth of South Africa’s informal economy.
The Momint blockchain wallet doesn’t stop at national borders. It enables transactions and payments at 5,000 overseas retailers, providing users with seamless global access. This not only facilitates cross-border fund transfers but also does so at a fraction of the cost associated with traditional methods, making centralized financial systems and conventional banks unnecessary.
While Momint is not a cryptocurrency exchange platform, its in-app wallet integrates with external exchanges like Transak and BankX, allowing users to conveniently top up their crypto within the app. Real-time exchange rate information assists in purchasing USDC and Ethereum directly from the wallet.
Safety and compliance are top priorities for Momint’s blockchain wallet. By incorporating peer-to-peer sending capabilities and adhering to “know your customer,” “know your transaction,” and anti-money-laundering checks, the platform ensures secure and compliant transactions.
Ahren Posthumus, CEO of Momint, highlighted the transformative potential of the technology that is granting consumers true self-sovereignty over their digital assets. According to Ahren, by removing barriers and increasing accessibility, Momint is at the forefront of revolutionizing Africa’s financial landscape, empowering individuals to embrace crypto for their daily purchases.
In conclusion, Momint’s blockchain wallet is a trailblazer, paving the way for widespread crypto adoption in South Africa. Its inclusive and efficient financial ecosystem fosters growth in the informal economy, setting the stage for a more financially empowered future in the region.