South Africa’s LovCash bets on blockchain to digitise cash-heavy trade sector
- LovCash partners with Lisk to implement blockchain-powered transactions in South Africa's informal trade sector.
- The informal economy employs about 20% of South Africa's workforce but remains largely cash-based.
- LovCash aims to replace cash with a digital-first payment system to improve trade efficiency and security.
The collaboration between LovCash and Lisk represents a significant step towards modernizing South Africa's informal economy, which has long struggled with cash dependency. By leveraging blockchain technology, this initiative not only addresses the inefficiencies of cash transactions but also enhances security and transparency. However, the success of this transition will depend on the willingness of informal traders to adopt digital solutions and the infrastructure available to support them.
