Global eCommerce giant Etsy calls it quits in Africa, citing difficulties in local payments systems.

In a significant move, e-commerce giant Etsy is set to allow users to trade cryptocurrency directly on its platform. This announcement comes as part of the company's plans to establish a unified payments ecosystem, Etsy Payments, across its entire seller base.

Currently, Etsy Payments is available in only two African countries: Morocco and South Africa. However, the company has formed key partnerships in Africa that are crucial to its future crypto trading plans.

As of August 5, all sellers on Etsy will be using Etsy Payments. This shift aims to provide sellers with enhanced security, fraud prevention, chargeback management, and a consolidated seller experience. Sellers in Iceland, who have been processing refunds or returns through their PayPal account, will have until December 31 to do so before the transition to Etsy Payments.

The change will result in the closure of seller shops in Iceland on August 5. It's important to note that sellers in countries where Etsy Payments isn't available are being removed from the platform.

The retail and e-commerce industry has seen a surge in companies accepting crypto payments, making it the sector with the highest number of such companies, according to a recent study. Etsy processes approximately 30-34 million transactions per month worldwide, highlighting the potential impact of this shift towards crypto trading.

North America and Western Europe account for more than 90% of platform sales activity. Despite this, Etsy is expanding its reach, aiming to create a global marketplace that caters to a diverse range of users.

Bitcoin, often referred to as the currency of the internet, has been gaining traction in the e-commerce sector. Etsy's move towards crypto trading reflects this trend and could pave the way for wider adoption of digital currencies in the e-commerce industry.

Etsy currently has approximately 5.4 million active sellers as of Q1 2025. The company has announced that it will sunset support for standalone PayPal acceptance on August 5, 2025. This decision is part of Etsy's commitment to a unified payments ecosystem, which aims to simplify transactions for both buyers and sellers.

This transition towards Etsy Payments is a significant step for the company, marking a new era in the world of e-commerce and digital currencies. As Etsy continues to grow and evolve, it remains committed to providing a secure, user-friendly, and innovative platform for its global community of buyers and sellers.

Global eCommerce giant Etsy calls it quits in Africa, citing difficulties in local payments systems.