South Africa’s largest crypto app, Luno, has made it possible to instantly buy crypto on its platform in rands. Instead of needing to deposit rands into their Luno wallets, users can now pay instantly with bank cards.
The instant buy feature is made possible through a partnership with PayU, a Netherlands based payment service provider. Users can add up to two cards on their profiles for instant buy options, with the ability to use additional cards at the point of payment using PayU’s secure authentication.
Christo de Wit, Luno’s country manager for SA, says, “Until now, South African customers have had to first deposit rands into their Luno accounts via EFT before buying crypto on the app, which often came with a waiting period. Crypto buyers who wanted to make an instant purchase needed to ensure there were cleared funds available in their Luno wallet. The instant buy with card function removes the need for the manual transfer of funds beforehand, so crypto buyers can take advantage of crypto price movements in real time. This payment integration is part of our drive to continuously enhance Luno’s products.”
There will be a minimum purchase amount of R15 for instant buys, with a maximum limit of R15,000 for crypto purchases with a service charge of 3.9%. This is separate from users’ individual account level limits.
Karen Nadasen, CEO at PayU Africa, says that Luno users can expect a simple, safe, seamless and quick customer experience when using instant buy. “PayU is thrilled to be working with Luno to make it easier for South African customers to buy crypto on the app. Luno users will simply select their pre-stored debit or credit card and make the transaction. The transaction is processed seamlessly and adheres to 3D secure protocols.”