PayCorp, a fintech company based in South Africa, has launched CryptoExpress, an app that makes it easier for South Africans to convert cryptocurrencies into cash.

With over 3,000 Cash Express ATMs across the country that support cryptocurrencies, users may effortlessly convert their digital assets into cash by integrating the CryptoExpress app with their cryptocurrency wallets. ATM Solutions, a Paycorp subsidiary, is in charge of running these ATMs.

Utilizing cutting-edge encryption technology and strong multi-layer security protections, CryptoExpress is available on both the iOS and Android platforms, guaranteeing the highest level of user safety. Additionally, the app has an ATM finder tool that makes it easy for users to find the closest Cash Express ATM.

To initiate a cash withdrawal:

Users can convert their cryptocurrency from any crypto wallet using the app
Following this, they authorize the transaction within their crypto wallet and obtain a withdrawal voucher PIN generated by CryptoExpress
At a Cash Express ATM, users then utilize this PIN along with their mobile number to receive their cash in Rand denomination
As of now, CryptoExpress supports cash outs for:

Bitcoin
Ethereum
USD Coin
Tether

For bitcoin sales, the app uses real-time on-chain transaction hedging to guarantee users a constant exchange rate during the transaction. In spite of the rates on cryptocurrency exchanges fluctuate, this feature offers stability.

PayCorp’s Group Chief Executive Officer, Steven Kark, states:

“PayCorp wants to let more individuals access their money, and with the launch of CryptoExpress, we’re getting close to that aim. The majority of South Africans may easily reach our ATMs because they are situated in both formal and informal stores, forecourts, and hospitality establishments in both urban and rural areas.

Kark cited Statista.com’s recent data showing that 10.24 million South Africans, or 16.7% of the country’s total population, owned cryptocurrencies. The statistics portal projects that number to rise to 15 million by 2027.

“Paycorp is still dedicated to helping South Africa achieve financial inclusion. This steadfast commitment is demonstrated by the launch of the CryptoExpress app, which enables cardless withdrawals from cryptocurrency wallets at Cash Express ATMs, and our deployment of Smart ATMs, which combines drop safe and ATM functionality.