South African fintech company Paycorp has partnered with digital currency payment firm Triple-A to enable cryptocurrency withdrawals as cash from ATMs. This collaboration follows the recent launch of Paycorp's CryptoExpress app, allowing users to convert various cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), into South African Rand at about 3,000 ATMs nationwide. The CryptoExpress app facilitates cash withdrawals through pin generation and vouchers.

For users, the process involves users authorising transactions through the CryptoExpress app, generating a withdrawal voucher PIN, and withdrawing cash at Cash Express ATMs by entering their PIN and mobile number. This move notably allows for a more accessible means of withdrawing crypto as cash, boosting user experience and bridging traditional financial services to crypto.

Triple-A, the digital currency payment company partnering with Paycorp, provides businesses with frictionless, white-label crypto payment solutions. Their offerings include API integration and no-code solutions, allowing businesses to send and receive cryptocurrency payments without directly handling digital assets.

Paycorp’s move to enable crypto-to-cash withdrawals at regular ATMs aligns with the growing trend in Africa, where the adoption of cryptocurrencies is on the rise. South Africa, in particular, records the highest number of Bitcoin ATMs on the continent, albeit confined to highly urban centres. “Our ATMs are located at formal and informal retailers, forecourts, and hospitality locations in both urban and rural areas, making them easily accessible for the majority of South Africans,” said Paycorp’s CEO Stephen Kark.

Crypto disruptions such as this add to South Africa’s forming image as Africa’s most crypto-forward country, highlighted by recent moves to adopt a global crypto-asset reporting framework and issue licences for only registered crypto asset service providers. Last month, the Financial Sector Conduct Authority (FSCA) announced that it had completed assessments of 36 firms out of a pool of 128.