As South Africa gears up for this year’s Black Friday, an unconventional shift in consumer behaviour is emerging, driven by cryptocurrency.
Digital wallets are capturing the attention of shoppers, with R7 million in crypto transactions recorded in September alone, according to data from FiveWest, a local cryptocurrency trading platform.
This surge indicates that more than 31 000 merchants are now accepting payments via platforms like Binance Pay, signalling a notable shift in the retail landscape.
This Black Friday, shoppers are embracing more than just the typical discounts; they are leveraging digital currencies to redefine their retail experience. With a robust crypto adoption rate, South Africa stands out in Sub-Saharan Africa, which has become the third-fastest-growing region for cryptocurrency globally.
The region recorded more than $205 billion in on-chain value, a remarkable 52% increase from the previous year. South Africa’s sophisticated regulatory framework has further bolstered its position as a leader in this digital transformation.
‘Crypto is no longer on the fringes of the financial system – it’s at the heart of how a growing number of Africans are spending and saving,’ explains Larry Cooke, a representative from Binance Africa.
‘With recent expansions in crypto payments, this Black Friday will be a litmus test for how digital assets can scale in high-volume retail environments.’
Central to this evolution is Binance Pay, which is facilitating cryptocurrency payments across a broad spectrum of retail outlets – both online and in physical store settings. As more consumers opt to spend digital assets on everyday necessities from groceries to education fees, the landscape is clearly shifting.
Recent data from FiveWest illustrates a significant rise in the use of cryptocurrency for transactions in 2025, with payments growing sixfold from January to September. The number of transactions rose from 232 payments totalling nearly R640 000 to 1 309 payments amounting to just over R6.5 million.
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This trend is not confined to consumer spending alone; an increasing number of businesses are now utilising crypto for business-to-business payments as well.
Key trends influencing Black Friday shopping:
- Crypto rewards on everyday purchases: Shoppers can earn incentives, such as 50% cashback, when making payments via cryptocurrency at participating merchants.
- More spending options: With over 31 000 merchants accepting crypto, consumers can shop for both essentials and high-ticket items, both online and in-store.
- Enhanced security: The encryption of payments contributes to reduced risks of fraud, particularly crucial during high-volume shopping periods.
- Instant settlement in ZAR: Crypto payments are processed instantly, allowing merchants to swiftly receive funds and providing shoppers faster checkouts.
- Rise in stablecoins: Notably, transactions with stablecoins such as USDT and USDC have shown a 50% month-on-month growth since October 2023.
‘This Black Friday is more than a shopping milestone; it marks a shift toward a future where digital assets and everyday commerce seamlessly converge,’ Cooke stated.
‘With platforms like Binance Pay leading the way, consumers can look forward to a faster, safer, and more rewarding retail experience powered by crypto.’
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Picture: Supplied
