The rise of cryptocurrencies as a notable force in the financial system, attracting a growing number of individuals for both trading and economic strategies, has prompted traditional financial giants like Visa and Mastercard to re-strategise their approaches.
In South Africa, specifically, digital assets have seen considerable mainstream adoption, especially in 2025.
Recognising this shift, both leading payment companies are proactively integrating crypto into their services, launching innovative card solutions to retain their leadership in the payments sector.
The rise of crypto payments in South Africa
South Africa has become a hotspot for cryptocurrency adoption, with retail usage growing rapidly. According to Wiehann Olivier and Dinesh Gurlal of Forvis Mazars South Africa, crypto payments have moved beyond early adopters and entered mainstream commerce.
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“The crypto payment landscape has crossed the chasm. It’s no longer just for early adopters, it’s part of mainstream commerce,” they noted.
Major retailers, such as Pick n Pay, have begun accepting Bitcoin at over 2,200 stores, while partnerships between crypto exchanges and payment apps, like Zapper, have expanded crypto spending options.
These developments, coupled with supportive regulatory measures, such as the Financial Sector Conduct Authority (FSCA) that classifies crypto as a financial product, have increased confidence in digital assets.
Visa and Mastercard’s strategic crypto push
To stay ahead, the two global payment companies are integrating crypto into their offerings. Mastercard has partnered with MoonPay to enable stablecoin payments across 150 million merchants globally.
Raj Dhamodharan, Mastercard’s Global Head of Crypto and Blockchain, emphasised the company’s commitment to choice: “We are here to enable customers, merchants and businesses to move digital value—traditional or crypto—however they want. It should be your choice, it’s your money.”
Similarly, Visa has launched stablecoin-linked cards in partnership with Bridge, allowing users in multiple regions, including Africa, to spend crypto at Visa-accepted merchants.
The company has also partnered with Transak to facilitate cryptocurrency withdrawals via debit cards in 145 countries. These initiatives demonstrate a clear strategy: bridging the gap between traditional finance and digital assets.
Even in the midst of the growing interest, many South African crypto holders still view digital assets as investments rather than spending tools.
Olivier and Gurlal pointed out, “Although crypto was initially created for peer-to-peer payments, it has evolved into a speculative asset class.” To shift this mindset, broader retailer acceptance is crucial. “Mass adoption can’t happen if everyone waits for someone else to move first,” they added.
The infrastructure for crypto payments already exists in South Africa, and businesses can mitigate concerns like volatility through instant fiat conversion or hedging strategies.
What lies ahead for payments in South Africa
The two financial companies’ push into crypto cards, along with a growing rate of 38 percent in the nation, signals a recognition of digital assets’ staying power. By offering seamless, secure, and cost-effective crypto payment solutions, they are positioning themselves at the forefront of the region’s financial growth.
As Olivier and Gurlal aptly put it, “Acceptance of blockchain-based digital assets as a legitimate means of exchange is not only growing; it has already hit the mainstream.”
For South African consumers and businesses, the blending of traditional and digital finance offers greater flexibility, lower costs, and quicker transactions, marking the beginning of a new era in payments.