In 2025, South Africa has emerged as Africa’s leader in merchant crypto payment adoption, solidifying its position as a key player in the global cryptocurrency ecosystem.

A recent report by NFTEvening highlights the increasing use of digital assets in everyday transactions, with South Africa standing out as the dominant market on the continent.

The Rise of Crypto Payments in South Africa

According to the report, global merchant adoption of cryptocurrency surged dramatically in 2024. The number of businesses accepting crypto payments grew from 8,571 in 2023 to 12,834 in 2024, an impressive 50% increase.

Africa has also experienced significant growth, with merchants embracing digital currencies at a faster rate than ever before.

South Africa leads the charge with 584 locations now accepting cryptocurrencies, making it the most advanced nation on the continent in this space.

The country ranks 6th globally in crypto payment adoption, demonstrating its progressive position toward integrating blockchain-based transactions into its economy.

Notably, South Africa saw the highest growth in merchant adoption in 2024, with 115 new businesses embracing digital currency payments.

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This surge reflects the growing confidence in cryptocurrency as a reliable financial tool and the country’s commitment to promoting a crypto-friendly environment.

How South Africa Compares to Other African Nations

South Africa’s dominance in crypto adoption is evident when compared to other African nations. Kenya follows in second place with 74 merchants accepting digital payments, 61 of which joined the movement in 2024. Other African countries embracing crypto payments include:

• Tanzania: 30 merchants
• Uganda: 17 merchants
• Ghana: 9 merchants

Interestingly, Nigeria, which ranked highest in Africa on the 2024 Chainalysis Crypto Adoption Index, did not feature prominently in the list of top merchant adopters.

This suggests that while Nigerians may be investing in and trading crypto, merchant adoption for everyday transactions remains limited.

Global Crypto Adoption Trends

Beyond Africa, emerging markets continue to drive cryptocurrency adoption. Brazil leads the world with 1,292 crypto payment locations, followed closely by the USA and El Salvador.

Meanwhile, Europe remains a major hub, recording the highest numeric increase in crypto-friendly merchants, with 2,029 new locations adopting digital payments in 2024.

Why Businesses Are Embracing Crypto Payments

Businesses adopting cryptocurrency as a payment method are reaping direct benefits. According to the study:

• 88.2% of business owners reported increased revenue after introducing crypto payments.
• 75.7% of merchants chose to retain their crypto earnings as investments, reflecting confidence in the long-term value of digital assets.

Top 3 Reasons Businesses Accept Crypto

1. Faster & Borderless Transactions (40.7%):Cryptocurrencies enable quick and seamless international payments, eliminating the delays and fees associated with traditional banking systems.
2. Customer Demand (29.8%):With a rising number of crypto-savvy consumers, businesses are adapting to meet their customers’ payment preferences.
3. Asset Accumulation (21.0%):Merchants see crypto as a long-term investment and a cushion against fiat currency fluctuations.

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The Future of Crypto Payments in South Africa

South Africa’s proactive approach to cryptocurrency adoption positions it as a model for other African nations looking to integrate digital assets into their economies.

As regulatory frameworks continue to evolve and businesses recognize the advantages of accepting crypto, merchant adoption is expected to accelerate further.

With businesses reporting higher revenues and increased confidence in cryptocurrency investments, the trend toward digital payments is unlikely to slow down.

If South Africa continues on this trajectory, it could set the benchmark for crypto integration across Africa, paving the way for a more inclusive and decentralized financial ecosystem.