South Africa's Spendl Money introduces cryptocurrency debit card for global transactions

The service positions itself as a bridge between digital assets and everyday spending needs, offering South African cryptocurrency owners a compliant method to access and use their holdings in conventional payment scenarios.

Spendl Money, a fintech startup based in South Africa, has unveiled a regulated debit card solution that enables cryptocurrency holders to seamlessly convert digital assets into South African rand for worldwide spending.

The company, which began operations in October 2023, provides a licensed platform where South African users can transfer 12 different cryptocurrencies from various sources including hardware wallets, software wallets, and exchanges, then convert them into local currency.

The Spendl debit card functions globally for both e-commerce and physical retail transactions. The platform operates through partnerships with regulated banking institutions, providing users with verified fiat currency accounts to manage deposits, withdrawals, and card funding.

According to Greg van der Spuy, the company's CEO, the service aims to simplify cryptocurrency spending while maintaining legal compliance. "We want cryptocurrency holders to utilize their digital assets as easily as traditional currency, with complete confidence in the legitimacy of their transactions. Through Spendl Money, South Africans can now practically integrate cryptocurrency into their daily financial activities," van der Spuy stated.

The service positions itself as a bridge between digital assets and everyday spending needs, offering South African cryptocurrency owners a compliant method to access and use their holdings in conventional payment scenarios.