- Not even a year after launch, Luno Pay reports that transactions on the platform have surpassed R20 million.
- Customers can make payments using their cryptocurrency wallets on Luno in the real world at a variety of retailers.
- 80 percent of Luno Pay users make a payment using the platform at least once a week.
Locally founded cryptocurrency exchange Luno, has announced that it has reached a major milestone with Luno Pay.
Since the solution’s launch in November of last year, as much as R20 million has been spent using the solution. This translates into approximately R2 million being spent on Luno Pay every month. This, Luno says, highlights a desire for alternative payment options in South Africa.
“Appetite for digital currency transactions in everyday commerce is growing. The wide transaction spectrum indicates that cryptocurrency payments are becoming more common for both everyday purchases and significant expenses. Our data shows that many customers use Luno Pay regularly for routine purchases and services,” country manager for Luno, Christo de Wit (pictured) wrote in a statement.
Luno Pay can be used at a variety of merchants including Pick n Pay, Dis-Chem, GeeWiz and One Day Only, Spur, FlySafair, Dial-a-bed and many more thanks to the platform’s partnership with Zapper. This means that Luno customers can easily make use of their cryptocurrency investments in the real world. This is important as shifting crypto to fiat can take a while and there are fees involved which can escalate quickly.
Payments made with Luno Pay are processed by MoneyBadger, Zapper, Stitch and FiveWest ensuring transactions are secure processed efficiently.
While the R20 million spend milestone is impressive, what is more impressive is that folks are using crypto regularly, with 80 percent of users paying with Luno Pay at least once a week.
“The consistent usage patterns we’re seeing indicate that crypto payments are moving beyond novelty,” says de Wit. “We’re building the infrastructure for a future where cryptocurrency seamlessly integrates with traditional commerce, giving consumers choice and flexibility in how they pay.”
Earlier this year Luno announced that it would start offering what it calls “early stage” cryptocurrencies on its platform. While these tokens are marked appropriately, they are still an incredible risky investment, even for the most ardent crypto investors. However, from what we can see the only such token on Luno’s platform marked as Early Stage is Berachain.
That having been said there are various new tokens on the platform that users can invest in and use to make payments using Luno Pay.
We recommend reading more about Luno Pay here if you want to start using your cryptocurrency investments out in the real world.