South Africans are spending crypto in the real world. According to Binance, the total figure stands at R29.8 million on their Pay product. This was confirmed by Hannes Wessels, South Africa General Manager at Binance, in data shared with MyBroadband. Wessels noted that Binance’s focus is on expanding the real-world utility of digital assets in South Africa.
A Deliberate Expansion
This milestone did not happen by chance. Instead, it is the result of a steady merchant expansion strategy.
In July 2025, Binance Pay integrated with Peach Payments and MoneyBadger. This allowed South Africans to pay with over 100 cryptocurrencies at online merchants instantly and without gas fees.
Larry Cooke of Binance Africa called it a turning point. “Crypto has matured, and now it’s ready to stand alongside traditional payments,” he said.
By September 2025, things had moved further. A partnership with Zapper brought Binance Pay to 31,000 merchants. These included Dischem, KFC, and FlySafair.
Then, in February 2026, a deal with Scan To Pay expanded the network to over 650,000 merchants nationwide.
From Holding to Spending
The R29.8 million figure reflects a clear behavioural shift. South Africans are no longer just holding crypto. They are using it for everyday purchases.
MoneyBadger co-founder Carel van Wyk summed it up well. “People are already using crypto to pay for real things – hardware, light fittings, airtime,” he said. “This isn’t some hype cycle. It’s day-to-day utility.”
Read also: South Africa: Economist Dawie Roodt Warns Crypto Regulations Could Hurt the Rand
Editorial Takeaway
Binance Pay’s R29.8 million milestone tells a bigger story. Behind the number is a clear expansion trail from a single fintech integration in July 2025 to over 650,000 merchants by February 2026. For South Africa, this signals that the next phase of crypto adoption is not about buying. It is about spending.
