Local data reveals nearly R7 million in September crypto transactions*, as 31 000 merchants accept digital money through platforms like Binance Pay.
As South Africa counts down to Black Friday, digital wallets are fast emerging as a key driver of new retail behaviour.
Data from FiveWest, a South African cryptocurrency [1] trading platform, shows nearly R7 million in crypto transactions in September alone, with more than 31 000 merchants now accepting digital payments through platforms like Binance Pay.
This year, Black Friday is about more than the discounts. With cryptocurrency adoption surging, digital assets are set to play a transformative role in shaping how South Africans shop.
Sub-Saharan Africa has become the third-fastest-growing crypto region globally, driven by strong retail activity. The region recorded over $205 billion in on-chain value, representing a 52% increase from last year, with South Africa standing out for its advanced regulatory framework.
“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,” said Larry Cooke, 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.”
A key driver of this shift is Binance Pay, which is enabling crypto payments across both e-commerce platforms and local brick-and-mortar stores. Consumers are now using digital assets for everyday purchases, from groceries and petrol to flights and education fees.
Globally, Binance Pay transactions for Black Friday increased by 144% between 2023 and 2024.
According to internal data from FiveWest, crypto payments in South Africa grew sixfold from January to September 2025. Transactions increased from 232 payments worth nearly R640 000 to 1 309 payments totalling just over R6.5 million. The data also indicates that crypto is increasingly being used for business-to-business payments, not just consumer transactions.
Crypto in retail ahead of Black Friday and beyond
The integration of cryptocurrency into retail is expanding, driven by technology and evolving consumer preferences. Key trends influencing this Black Friday include:
- Crypto rewards on everyday purchases: Shoppers earn incentives, such as 50% cashback, when paying with crypto at participating merchants.
- More spending options: With over 650 000 merchants now accepting crypto, consumers can shop online and in-store for essentials and big-ticket items alike.
- Enhanced security: Payments are encrypted and secure, reducing the risk of fraud during high-volume shopping periods.
- Instant settlement in ZAR: Crypto payments are settled instantly, allowing merchants to receive funds immediately and shoppers to enjoy faster checkouts.
- Rise in stablecoins:. Recent data shows USDT and USDC transactions growing 50% month-on-month 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 added. “With platforms like Binance Pay leading the way, consumers can look forward to a faster, safer, and more rewarding retail experience powered by crypto.”
Experience the best of crypto with Binance. Sign up now[2].
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