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You can now buy crypto on Luno using any bank card

  • Luno customers can now purchase cryptocurrency using any bank card.
  • Customers are able to load up to two bank cards and can purchase cryptocurrency up to a value of R15 000 per transaction.
  • Payments are facilitated by PayU, are processed seamlessly and adhere to 3D secure protocols.

Cryptocurrency trading and purchasing app Luno has announced an exciting new partnership with payment service provider PayU.

This partnership will allow Luno users to instantly purchase cryptocurrency using their bank cards. Luno customers can save up to two bank cards on their profile.

This is a step away from the process that was previously implemented. Previously, customers would have to load money into their Luno wallet which could then be used to purchase cryptocurrency. All payments employ PayU’s secure authentication methods.

“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,” explains country manager for Luno in South Africa, Christo de Wit.

The minimum purchase amount using this system is R15 with a maximum purchase amount set at R15 000. A service charge of 3.9 percent also applies to purchases made using this method.

“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,” adds Karen Nadasen, chief executive officer at PayU Africa.

We are curious to see whether this increases the popularity of cryptocurrency in South Africa. Last year Finder’s Crypto Adoption August 2022 report revealed that as few as 10 percent of adult South Africans own some form of cryptocurrency.

Rather concerningly, Kaspersky reported this week that 58 percent of South Africans who participated in a survey have been affected by cryptocurrency-related crime in some way.

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