STATISTICS | South Africans Are Spending Over $100,000 Monthly in Crypto to Buy Everyday Items, Says Luno

STATISTICS | South Africans Are Spending Over $100,000 Monthly in Crypto to Buy Everyday Items, Says Luno

According to a report by Bloomberg, South Africans are spending more than R2 million (approximately $112,000) each month using cryptocurrency via Luno Pay, a service offered by the crypto exchange Luno. This figure highlights the growing shift from crypto as a trading tool to a functional alternative for digital payments. Luno Pay allows users to spend their crypto directly with merchants using QR codes, offering an experience similar to mainstr…

Crypto Payments Go Mainstream: South Africa's $112k Monthly Spending Shift

In Brief Crypto payments in South Africa are shifting from speculation to daily utility, with over 31,000 merchants accepting digital assets. Stablecoins like USDC/USDT drive secure, fast transactions, making crypto payments ideal for both local spending and cross-border transfers. Platforms like Luno Pay are building the infrastructure that integrates crypto payments into mainstream commerce, signaling long-term adoption. For years, the conv…