MiMoney, powered by Standard Bank, is an alternative payment method for users wanting to purchase goods online, but who either don't have a credit card, or who are reluctant to use them for online purchases. Users can buy MiMoney vouchers either over the counter or at self-service terminals at selected retailers and banks (via EFT), or through Internet and mobile banking. MiMoney addresses many of the security concerns that users still have around transacting online using a credit card.
Herman Jansen van Rensburg, Head of Product at MWEB Business, says MiMoney is one of the newest alternative payment methods to be added to the SafeShop platform. Other existing alternative payment options on SafeShop include Standard Bank's AutoPay, eBucks, Cell Pay Point and Diners Club - in addition to the standard credit card payment option.
“We have over 585 merchants using SafeShop as a payment platform and as the leading supplier to over 50% of the online retailing market in South Africa, we pride ourselves on our ability to remain at the forefront of new payment technologies,” he said.
“Adding MiMoney to SafeShop's payment options is a great enhancement to our offering and opens the door for many people who until now were prevented from purchasing everything from air tickets to movie tickets, books and flowers online.”
The MiMoney method of payment allows the younger generation and the unbanked to access purchases via the Web or mobile phones more cheaply and without the requirement of a bank account or credit card.
MiMoney is free to get (there are no charges to purchase or redeem vouchers), free to give (there are no transaction costs to send MiMoney vouchers to someone, only standard SMS rates apply), and is a real-time, secure way of paying for goods and services online. MiMoney sees huge potential in the South African market as the requirements for credit card ownership tightens due to the National Credit Act.
How does MiMoney work?
When purchasing a MiMoney voucher - either in person or via a banking channel - an 18 digit voucher number is delivered to the cellphone number specified by the purchaser. The voucher can be used at online retailers that use the SafeShop payment gateway and who indicate acceptance of this payment method. There is no transaction fee for users when buying or redeeming MiMoney vouchers, which means South African consumers can save on banking charges by using this payment method. MiMoney is not exclusive to a specific bank or service provider and vouchers are available in any denomination for amounts of up to R1 000 a day.
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SafeShop
MWEB's SafeShop Payment Gateway gives e-commerce merchants access to secure payment methods, reporting and shipping tools in varying levels depending on their needs. Developed by MWEB Business in 2000, SafeShop offers merchants a full range of e-commerce capabilities all via an easy-to-use web interface.
MWEB Business
Founded in January 1998 as the business division of MWEB, MWEB Business provides comprehensive solutions in areas of Internet access, application services, Web development, e-commerce, network support and consultancy to businesses.
We are dedicated to helping our business clients leverage the power of the Internet by providing a comprehensive solution for all their Internet needs along with the expertise and skills to successfully implement their ventures online.
MWEB Business has e-commerce enabled more than 420 businesses and provided Internet services to more than 6 000 business clients, including Pick 'n Pay, Makro, Netflorist, Incredible Connection, The Pro Shop and many more.
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