USE CASE | South African Fintech, 6DOT50, to Allow Crypto Payments for Car Purchases in Over 1,400 Dealerships

South African fintech startup, 6DOT50, has teamed up with local players, BTS and Serti Solutions, to enable cryptocurrency payments for vehicle purchases.

Through this partnership, customers can buy new and used cars at over 1,400 dealerships using eight different cryptocurrencies, including Bitcoin (BTC).

Since its launch, 6DOT50 has processed over R18.5 million ($1 million) in crypto transactions across more than 90,000 physical and online retailers in South Africa.

6DOT50’s platform mitigates the risks of cryptocurrency transactions by bridging the settlement gap between crypto and fiat currencies. This is accomplished through digital vouchers linked to customers’ banking-grade transactional accounts.

As reported by BitKE in 2021, 6DOT50 enables crypto users make purchases across 40,000 merchat outlets in South Africa in less than 5 minutes.

For customers, settlement is completed by approving the redemption of voucher value as payment through a link generated on the Seriti Solutions platform. This approach offers an innovative alternative to traditional cash and finance payment methods, creating new opportunities for dealerships to tap into the growing crypto market.

“By establishing a link between cryptocurrency holders looking to spend their assets and dealerships requiring payments in local fiat currency, 6DOT50 vouchers offer an ideal solution,” said Warren Venter, founder of 6DOT50.

“The process is swift and straightforward, eliminating volatility risks and minimizing complex integration requirements. We are thrilled to introduce this payment alternative across an extensive network of dealerships.”

The startup projects a future where cryptocurrencies are mainstream and the number of dealerships adopting methods to facilitate payments from cryptocurrency enthusiasts is likely to increase.

“Retailers that understand and leverage these alternative stores of value will likely lead the change in the next era of retail,” said 6DOT50 ominously.

If you recall, one year after mega South African retailer, Pick n Pay, began accepting crypto payments within its retail stores, it revealed that it was making sales paid in crypto at a rate of one million Rand (~$55,000) a month.

In Pick n Pay’s case, the majority of the spend is in Bitcoin despite the expectation that stablecoins would be the most popular.