Local crypto-currency exchange VALR today announced the launch of VALR Pay, which it says is a free, fast and easy way to send South African rand (ZAR) payments to any mobile number or e-mail address.
VALR.com, founded in 2018 to bridge the gap between the traditional financial system and the new world of crypto-currencies, launched Bitcoin-rand trading in June 2019 and has now processed over R60 billion in crypto trading.
The company says VALR has in the past two years grown its customer base – both individuals and institutions – to over 150 000 accounts, touting some of the lowest trading fees world-wide and the largest selection of crypto-currencies in SA, with over 55 coins to choose from.
“The cost and friction of payments in South Africa is too high,” says Farzam Ehsani, VALR co-founder and CEO.
“So we decided to build VALR Pay. It’s free, fast and easy. Why bother with banking details and branch codes? Just open up your VALR app, type in a ZAR amount, select a contact from your address book and you’re done.”
VALR Pay works by allowing VALR customers to send ZAR to each other at zero cost. The customers are able to send ZAR to any mobile number or e-mail address even if the recipient does not yet have an account with VALR.
The company explains that the recipient will receive an e-mail or SMS with an invitation to sign up to VALR free of charge to claim the funds.
VALR uses artificial intelligence and machine learning technology to validate the identity of customers to get them signed up within minutes.
“In addition to providing what we believe is the very best payment experience in South Africa, we are excited to be launching VALR Pay with over R1 million in rewards for early users,” says Badi Sudhakaran, VALR co-founder and chief product officer.
“Earn R20 every time you VALR Pay someone not yet on VALR. We’re known to have the best rewards programme in the industry and have already rewarded our customers with over R50 million in cash and crypto since we launched VALR just two years ago.”
VALR has raised R79 million in funding since its inception, attracting high-profile investors such as former FNB CEO Michael Jordaan and 4Di Capital in SA, as well as Bittrex and HDR from the international investor community.
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