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South Africa’s Biggest Online Marketplace Adds Bitcoin Payments

Last Updated March 4, 2021 4:47 PM
Samburaj Das
Last Updated March 4, 2021 4:47 PM

Bidorbuy, an online auction and marketplace in South Africa and among the biggest e-commerce platforms in Africa has included bitcoin as a mode of payment for users – buyers and sellers in the marketplace.

Major African e-commerce platform Bidorbuy has enabled bitcoin as a payment option for product purchases, as reported by local bitcoin publication Bitcoinhub. Bidorbuy is a popular online marketplace, with over 30 million page views every month.

The products that can be purchased by bitcoin would depend on the sellers activating the option of using the cryptocurrency as a payment method. All sellers can opt to accept bitcoins.

bitcoin bidorbuy

Sellers can activate bitcoin as a payment method to provide buyers the option of paying for products with bitcoin. After the buyer’s purchase of the product(s) with the cryptocurrency, sellers will receive the bitcoin payment into their bidorbuy account. The website then converts the bitcoin automatically into South African Rand with the relevant exchange rate before crediting the complete Rand amount to the seller’s account. The website also notes that sellers would not be required to hold or initiate a wallet to store bitcoin(s). Notably, there is no chargeback risk either.

While the payment method comes with no risk of chargebacks, bitcoin payments come with a transaction fee of 2.28% including value-added tax.

Furthermore, bidorbuy encourages sellers to include bitcoin as a payment option.

In a tutorial to knowledge base article  explaining the implementation of bitcoin as a payment method, the websites states:

We encourage sellers to offer bitcoin as a payment option because there is no risk and you will be reaching a large audience of new online shoppers.

Bitcoin joins notable existing payment methods on the marketplace website that includes credit cards, Discovery Miles and PayPal, along with cash (or check) on delivery.

Hat tip to bitcoinhub.

 Images from Shutterstock and bidorbuy.