South Africa's Payfast Payment Company Stops Accepting

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PayFast is a South African Online Payments Processor or payment gateway. The company has expressed its frustrations that led to dropping bitcoin, through an announcement on its website.From July 20, 2019, PayFast has said that it will cease supporting bitcoin payments because the transaction fees are high and confirmation times take longer than usual. On July 12, South African payment gateway service Payfast announced the company is dropping bitcoin core payments due to network congestion and high fees.Payfast emphasized that BTC has a number of limitations and design flaws which makes it an “impractical substitute for cash.”. Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments On July 12, South African payment gateway service Payfast announced the company is dropping bitcoin core payments due to network congestion and high fees.Payfast emphasized that BTC has a number of limitations and design flaws which makes it an “impractical substitute for cash.”. Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments Live Chart ; Trading Positions PayFast was the only South African payment solution provider that allowed bitcoin as a payment method. However, PayFast was disappointed by some inefficiencies In an unfortunate turn of events, PayFast, the first-ever online payment gateway accepting Bitcoin (BTC) in South Africa, called time on BTC payments citing fundamental technical issues in the blockchain and a hitch in user-friendliness.. PayFast set to stop Bitcoin (BTC) payment channel on July 20 th 2019.; High transaction fees and slow confirmation times reasons for the halt.

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