Street Wallet, founded by Cape Town-based entrepreneur Kosta Scholiadis, aims to bridge this gap through a practical fintech solution. By enabling secure, cashless payments via QR codes and an interoperable system, the platform empowers vendors to receive payments without smartphones, data, or traditional bank accounts.
Bizcommunity spoke with Scholiadis to unpack the tech behind Street Wallet, the barriers informal traders face, and how low-tech innovation can drive meaningful financial inclusion in South Africa.
In South Africa, almost everyone has had the experience of wanting to tip a car guard or pay a street trader, only to realise they don’t have any cash. The problem became even more acute during Covid, when the shift away from cash accelerated.
One night after dinner, we decided to put this to the test: if the car guard couldn’t accept SnapScan or similar digital payments, we’d build a solution. He couldn’t. So we started Street Wallet with a simple mission: to ensure that no street transaction is ever rejected again with the words, “Sorry, I don’t have cash.”
Building fintech for the informal economy comes with unique hurdles. Data is scarce, smartphones are not universal, and many traders don’t have bank accounts. We had to create a solution that caters to two very different worlds: the customer’s need for a smooth digital experience and the trader’s need for something simple, low-cost, and familiar.
That meant prioritising SMS communication, eliminating the need for apps or logins, and ensuring that vendors could get paid without needing smartphones or internet access.
Each vendor receives a low-cost card on a lanyard with a QR code linked to their personal Street Wallet page. Customers simply scan the QR code and pay using Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan to Pay. Once the payment is made, the vendor receives an SMS confirmation.
No data required! The next day, all the vendor’s earnings are converted into a Standard Bank Instant Money Voucher sent by SMS. The vendor can withdraw cash instantly from an ATM or eight nationwide retailers, without a bank account or smartphone. It’s the simplest way to turn card payments into cash, fast.
Our go-to-market strategy has had three strong pillars: partnerships with NGOs, direct business relationships with companies that can’t afford costly card devices, and street-level onboarding through our website. NGOs play a key role in helping us reach underserved communities and build trust.
We’ve also been deeply encouraged by individuals across South Africa who have volunteered to help us onboard car guards in their own communities. It’s a beautiful validation that people believe in what we’re doing and want to be part of it.
The feedback has been incredibly positive. Vendors are earning more overall, simply because they no longer lose customers who don't carry cash. They can still accept cash when it’s offered, but now they also capture payments that would have otherwise been lost. And in tipping scenarios, where R10 was the norm in cash, we’re seeing average digital tips of R30.
Trust is built through consistency and speed. We don’t make traders wait two or three business days for their money like traditional card machines. We pay out by the next morning with no bank account needed.
That kind of instant liquidity is critical when you rely on daily income to buy stock or support your family. It shows people that digital payments don’t mean waiting or uncertainty. Our payments are just as real as cash, only more convenient for both customers and vendors.
Always start with data. In underserved markets, people often live on airplane mode to save battery and data costs. SMS is more reliable than email, and simplicity beats slick UX. If your solution depends on push notifications or constant connectivity, it probably won’t stick. Build around low-data, high-reliability channels first. That’s where the real opportunity lies.
