PayFast is South Africa’s leading payment processing company, that as of today, allows its 30 000+ merchants to accept Bitcoin as a payment method on their e-commerce websites.
How does it work?
The products on the merchant's website displays as it always does in South African rands. When the buyer goes to checkout, Bitcoin is available as a payment method in addition to the other enabled payment methods like credit cards and bank transfers.
When choosing to pay by Bitcoin the Bitcoin amount is displayed to the buyer, which is determined by Luno at the current rate of exchange. The buyer can then either scan the QR code with their mobile phone or copy the displayed Bitcoin address into their wallet and send the Bitcoin from their wallet. The buyer then clicks on a verification button on the PayFast website, and if successful, gets redirected back to the seller's website. The seller will a notification from PayFast that the payment has been received.
- The seller does not receive Bitcoin, only South African rand, so they are shielded from any volatility in the Bitcoin price.
- You can read more about the process and benefits on the PayFast blog here.