Local start-up Wallettec has made it possible for businesses to process mobile payment transactions at any point of sale (POS), and allow mobile money users to pay with their digital or crypto currency online and also at brick-and-mortar facilities.
Wallettec's software-as-a-service platform enables retailers to accept any type of mobile transaction or currency at their POS. Through a single integration, consumers can transact at a retailer's POS using only their mobile phones.
"For the point of sale, Wallettec creates a single interface to a multitude of mobile payment options. It means businesses only have to interface with one provider to gain access to a variety of payment options, including Bitcoin, M-Pesa, Airtel Money, Kopo-Kopo, Payza and much more," says founder and CEO, Johan Meyer.
"Wallettec can turn any integrated point of sale into a mini ATM, meaning business can expand the services they offer to the public, and in turn open new revenue streams."
Meyer claims the time has arrived for companies to fully embrace digital money, and any organisation that hopes to win in this new economy cannot afford to ignore this type of payment, as it would be detrimental to its growth and future profits.
"Anyone thinking the mobile money industry is not something to take seriously should look at what the rest of the world is doing. Companies like Apple and Google are investing their futures in mobile money; if it wasn't something to take seriously, they would have ignored it as well," says Meyer.
He believes services like M-Pesa in Kenya and EcoCash in Zimbabwe have proved Africa is ready to use mobile money, and that it works.
"A family member working abroad cannot use M-Pesa to send money home, but he can use a virtual currency. For example, using services like Western Union or Moneygram, it will cost you roughly 10% to 20% per transaction, using a virtual currency it's 0%," he notes.
"Once more merchants start accepting virtual currencies as a payment method, or start offering virtual currency cash-out services, the use of virtual currencies will explode."
Meyer points out Bitcoin is currently the biggest and best-known virtual currency in the world. "Merrill Lynch says Bitcoins are set to grow globally and will account for more than 10% of the e-commerce market. According to Bitcoin, it does about 87 792 transactions a day which equates to around 3 658 transactions an hour. Looking at those stats and the possibilities offered by a virtual currency, it is clear virtual currencies are the future."
It became clear over the last couple of months that South African banks, and even banks across the continent, are becoming increasingly concerned about mobile payments, he says, adding Nedbank invested a lot in Pocket POS, FNB developed Cell Pay Point, Absa has Payment Peddle, and Standard Bank partnered with SnapScan.
Share