03 Feb Africa - Which Digital Currencies Do We Think Are Most Likely To Be Used And Adopted For Ecommerce Payment And Online Payments (Part 5)

This is the fifth in a series of our sharing our perspective on the digital currencies that could become acceptable for our multinational eCommerce companies at the checkout across Africa.  We have dealt with the “vanilla” currencies if we can call disrupting crypto currencies “vanilla”? Now comes the fun part . . here are some wild cards that could throw things off course and change the way we get paid into the future.

Firstly here’s our choice of “vanilla” digital currencies we currently think could be jockeying for position for online payment at the checkout of an African payment gateway in the future:

  1. Bitcoin (BTC)
  2. Bitcoin Cash (BCH)
  3. Dash (DASH)
  4. Monero (XMR)
  5. Zcash (ZEC)
  6. Litecoin (LTC)
  7. XRP
  8. TRON (TRX)
  9. Stellar Lumens (XLM)
  10. Terra (LUNA)
  11. Bitcoin SV (BSV)
  12. Verge (XVG)
  13. Dogecoin (DOGE)
  14. Decred (DCR)
  15. PivX (PIVX)

Wild cards

Ethereum (ETH)

Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.  In our opinion it is the second most significant crypto project after bitcoin. Ethereum is not a pure coin like bitcoin, but because the token is so widely held it is also used for payments.


Stablecoins are cryptocurrencies that are pegged to the price of an asset or basket of assets like fiat money or even cryptocurrency.  Like a digital dollar or digital rand. They are likely to be a transitional currency because consumers understand fiat currency and are not quite ready to live in the pure digital currency world.  Africa could really benefit from stablecoins that could make it easier to contract cross border.

Exchange coins

Exchanges are kind of the banks of digital currencies and all sorts of “banking” features are being built on or alongside them.  An exchange like Binance has become a big player in the world of digital currencies and is opening up operations in a number of African countries.  Their BNB digital currency could soon be widely held and they are consistently building bank-like applications and products that will incentivise use of BNB


Central Bank Digital Currency is a digital version of fiat money issued by a Central Bank of a country.  So it has the characteristics and benefits of a cryptocurrency but is centralised and issued and run by the state.  A number of African countries like South Africa, Rwanda and Ghana have been considering their merits. It could take some time but a government backed or enforced digital currency could have a significant impact on payments incountry and between countries.

Social Media Currencies

These currencies are significant enough to have their own category.  Social media platforms like Facebook (2bn+ users), Telegram (300m), Instagram (1bn), Whatsapp (1.5bn) have incredible customer reach and eyeballs.  The introduction of their own cryptocurrency would have a massive impact on the world of payments, particularly Facebook who owns Whatsapp and Instagram.  The simplicity of sending Facebook’s Libra money in a message, or Telegram’s “gram” via a message on a global scale would create a whole new payment system.  And Africans who live on their mobiles and have a great need for cross border transacting will love the ease of use.

Well that ends our series on digital currency adoption and possible scenarios for digital currencies jockeying for position at the eCommerce payment checkout over the next few years.

We hope you enjoyed it.  We will keep our multinational eCommerce merchants posted on developments and ensure that we are relevant at all times

In the meantime if you are looking for payment via card or mobile money at the checkout, please click here to see how we as an African Payment Gateway can help you get sorted.

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