Big four bank Standard Bank and Primedia have introduced a virtual mobile wallet that can transact using virtual money.
Mowal"y is a cellphone application accessed via a Web browser, or that sits as an application on a cellphone, and is used to access and transact with Mimoney - virtual money powered by Standard Bank.
Mimoney can be used like real cash to buy goods from physical or online shops, allowing consumers to spend the virtual money without the need for cash, credit cards or interest charges.
Primedia CEO Kuben Pillay says: “Mowal"y is the first venture for Primedia Business Solutions and it gives us the opportunity to use our entire media structure to penetrate an ever-changing market.”
He says Primedia Business Solutions was started earlier this year in response to a need to innovate in a market under pressure from the global recession.
Standard Bank SA deputy CE Peter Wharton-Hood says: “We are pleased to again be associated with a leading innovation that has great promise and is an exciting addition to the convenient solution choices that consumers now have access to.”
Registration is done via SMS and money can be loaded through Standard Bank ATMs, or by transferring it through online banking. There are also self-service terminals at Ster-Kinekor.
There are no transaction fees or registration costs. The system does not require a bank account and there is no paperwork involved. It can be used at several retailers, including Ster-Kinekor, eXactMusic, eXactmobile, Kalahari.net and Mr Delivery.
Share