South Africa’s Street Wallet raises $350,000 to expand QR payments for informal traders
- Street Wallet raised $350,000 at a valuation of $2 million to expand its operations.
- The fintech targets informal traders who cannot accept digital payments due to their environments.
- Vendors receive QR code-linked lanyard cards to facilitate payments via various mobile payment platforms.
Street Wallet's innovative approach to digital payments in the informal economy represents a significant step towards financial inclusion in South Africa. By addressing the specific needs of informal traders, the company not only empowers them but also taps into a largely underserved market. The emphasis on quick cash access and low-cost solutions could disrupt traditional payment systems and foster economic growth.
