FirstRand Limited, is set to launch eBucks, the world`s first bank-backed, secure e-currency which extends beyond the Internet.
In line with FirstRand`s policy of pushing the envelope of traditional financial services structures, the Group has committed R300-million over the next three years to kick-start eBucks.com, a new-economy company staffed by young entrepreneurs. eBucks will work closely with the numerous other e-commerce initiatives in the Group.
Headed by Michael Jordaan (32), a founder of Origin and the person who was responsible for the repositioning of FNB HomeLoans, eBucks.com will officially start trading in the 4th quarter of this year.
eBucks.com will serve as an electronic gateway through which customers access the products and services of other FirstRand companies, including FNB, Origin, Henry Ansbacher, Outsurance, Momentum, Wesbank, and RMB Unit Trusts. This will enable them to earn eBucks, and will also incentivise them to use cost-effective and more efficient electronic delivery channels.
In future, a select group of corporate customers will also be able to offer eBucks to their clients to boost their competitiveness.
"The potential of eBucks.com is enormous," says Paul Harris, FirstRand banking group CEO and Chairman of eBucks.com.
"As a Group, FirstRand covers the full spectrum of financial services from insurance to banking. We process over 50-million transactions monthly and we are able to leverage our processing infrastructure, 5-million clients, 27 000 acquiring merchants and our extensive ATM networks.
"eBucks, the electronic currency, will be the glue to bring all this together. eBucks.com will utilise our transaction processing expertise to underpin the new, electronic currency which will be available to everyone - not just the minority of the SA population with Internet access.
"eBucks users will be able to earn, pay and invest in the e-currency using the electronic medium of their choice. This ranges from the Internet and cellphone for more technologically sophisticated customers, to telephonic interaction with our call centre and Interactive Voice Response (IVR) systems, and even credit, debit and smartcards.
"Its value will be underwritten by the SA Rand, but eBucks will have enhanced purchasing power because we will negotiate deals on products and services utilising FirstRand`s combined buying power. "With eBucks.com, we are prepared to adapt to new paradigms and radically change the way business is done. The formula has worked well for us in our other new age start-ups such as RMB, RMB Asset Management, Origin, Discovery Health and Momentum Wealth. We are confident that eBucks will be equally successful," Harris concludes.
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