29 Jan Africa - Which Digital Currencies Do We Think Are Most Likely To Be Used And Adopted For eCommerce Payment And Online Payments (Part 2)

African Payment Gateway

This is the second in a series of articles on the crypto currencies or digital currencies we think will most likely be used for payment across Africa.  We have prioritised them based on our current perspective of adoption and usability. As the digital currency market matures we are seeing certain currencies get traction and be used for payments.  Each has a different flavour and differentiated used case. Africa’s fragmented and uncertain fiat and payments dynamic lends itself to digitisation of payments, as compared to the rest of the world where ecosystems are not ideal but do the trick.

We think these currencies will most likely be the first movers for payment at the checkout, and based on current experience, via QR codes which are most commonly used as a connection point - advantage is that QR codes work well on and offline.

To recap, here are the forerunners from the previous article . . 

1. Bitcoin (BTC)

2. Bitcoin Cash (BCH)

3. Dash (DASH)

4.  Monero

Monero (XMR) is a private, secure, and untraceable cryptocurrency that was launched in 2014 and interestingly enough has South African crypto legend Ricardo Spagni as one of its founding contributors.   Monero has the benefit of confidentiality of payment source, amount and destination. It was one of the early movers when privacy was seen to be a bad thing ( now it is seen as very important and is being built into bitcoin).  Monero got a lot of traction in the early days when it was used to pay for illicit goods and services, particularly on the dark web, but now it has become entrenched and acceptably mainstream.  

5.  Zcash

Zcash (ZEC) is a twin to Monero as a privacy coin, was launched in 2016 and championed by Zooko Wilcox-O’Hearn.   Zcash is a decentralized and open-source privacy-focused cryptocurrency that enables selective transparency of transactions. As opposed to Monero which is always private, Zcash transactions can either be transparent or shielded through a zero-knowledge proof called zk-SNARKs.  A cool feature is that transactions are auditable but disclosure is subject to consent from the parties involved.

6.  Litecoin

Litecoin is the “silver” to bitcoin as “gold” and is a peer-to-peer cryptocurrency created by Charlie Lee. It was forked from the Bitcoin protocol and is a test bed for bitcoin improvements.  Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins. Litecoin has the benefit of faster transaction confirmation times than bitcoin.  

At this stage it is for marketing, learning and experimentation that our multinational eCommerce merchants enable crypto acquiring.  We are still mostly in traditional "card" and "mobile money" mode but keeping an eye on developments for you.

To get paid at the checkout with card and mobile money when expanding your multinational eCommerce company to Africa, please click here.

Our services include: 

  • Nigeria online payment solutions - Nigeria credit card payments - Nigeria eCommerce payments - Nigeria payment provider - Nigeria payment gateway
  • Kenya online payment solutions - Kenya credit card payments - Kenya eCommerce payments - Kenya payment provider - Kenya payment gateway
  • South Africa online payment solutions - South Africa credit card payments - South African eCommerce payments - South African payment provider - South African payment gateway

THANK YOU - THE TEAM AT AFRICAN PAYMENT SOLUTIONS