One of South Africa’s largest crypto exchange platforms, VALR has launched a free means to pay and send ZAR payments to any email address or mobile number which encourages convenience as well as speed.
In July 2020, the startup gained ZAR57 million in series A funding which is approximately $3.4 million to assist it to develop new products and initiate in more markets.
This South Africa-based exchange platform now has 150,000 account owners as well as it has the most selected of digital currencies in the country as they possess over 55 coins to pick from.
Presently, the platform has launched the first set of the merchandized new products called VALR pay.
This product enables its customers to send ZAR at no cost through their mobile number or email address whether or not the receiver has an account with VALR.
In order to have access to the funds as a recipient, an email or SMS will be sent with an invitation to sign up on the platform at no cost.
However, the startup utilizes machine learning tech along with artificial intelligence (AI) to confirm the identities of all customers.
Farzam Ehsani, the platform’s co-founder and chief executive officer (CEO) said
“The cost and friction of payments in South Africa is too high so we decided to develop VALR pay”
It was added that why should individuals bother about bank details and bank branch codes when they can just sign up on the platform through the app and type in a ZAR amount then choose a contact from your logbook?
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.
