The product touted as SA`s "first real e-currency", eBucks, was launched in Sandton last night. E-cash forms just one part of eBucks.com, a financial services portal offering access to the online financial services provided by the FirstRand group.
Paul Harris, FirstRand Banking Group CEO, says it is hoped that the eBucks.com offering would take the group`s financial services products beyond the expectations of the most jaded customer.
The product will be rolled out incrementally, says Harris. He expects eBucks to become the glue holding together FirstRand`s 90-plus business units, and says the group will measure this venture`s success by the percentage increase anticipated in its cross-sell ratio, which is hoped will drive overall profits up.
The site goes live on Monday and will function on three levels - online shopping and financial services product management, which both tie in to the loyalty programme allowing eBucks users to earn more eBucks.
In addition to the Internet and Wireless Application Protocol-enabled cellular phones, consumers will also be able to spend their rands and eBucks via telephone, through the eBucks.com call centre.
eBucks usage will not be restricted only to FirstRand customers. The group is targeting the e-commerce market at large, and has signed up a number of online merchants in its effort to create a marketplace in which consumers can spend eBucks. The e-currency is valued at 10 eBucks to the rand.
The initiative is also hoping to snap up that segment of the consumer market operating sans credit card, as ownership of one is not a prerequisite for making use of eBucks.
According to eBucks.com CE Michael Jordaan, FirstRand will place about 600 million eBucks (R60 million) in circulation over the next 12 months. eBucks cannot be converted to rands and will therefore only be spent or invested with eBucks.com merchant partners.
"While the merchants` own creativity and value proposition will determine their amounts of eBucks trade, FirstRand is committed to securing top-of-mind awareness of eBucks.com and eBucks. In fact, FirstRand will spend about R300 million on the project. Advertising, public relations and internal communications form a cornerstone of this introduction," Jordaan says.
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