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Telkom plans fintech offensive as digital wallet service grows

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Sibusiso Ngwenya, managing executive of Telkom Financial Services.
Sibusiso Ngwenya, managing executive of Telkom Financial Services.

Telkom has signed up 10 000 subscribers to its digital wallet operated on WhatsApp – Telkom Pay – since its launch in December 2020.

The teleco now says it has big plans to cement its place in the fintech market.

Telkom’s digital wallet made its debut in the market by allowing customers to make transactions without the use of cash and the need for face-to-face interaction, all through WhatsApp.

The company says it has since made advancements to its offering and one of the stand-out features is a Telkom Pay Virtual Card, which subscribers can use in a similar fashion as a traditional debit or credit card – eliminating the need to carry or withdraw cash and increasing the customer’s safety against loss or theft.

Telkom Pay now also features Telkom’s personalised voice and data mobile deals platform, Mo’Nice, in addition to full access to its prepaid offering of voice and data plans instead of only a handful of bundles that were available at the start, says the company.

Sibusiso Ngwenya, managing executive of Telkom Financial Services, comments: “Our digital wallet has been received well by our customers and we’ve had positive feedback from them so far.

“The team has spent the past six months since we went live to evaluate the feedback in order to not only strengthen the functionalities that customers love, such as buying prepaid electricity through the platform, for example; but also to develop products, features and benefits that enhance our value proposition to ensure we please and delight our subscribers.”

According to the firm, Telkom Pay now allows customers to purchase gaming, gifting, streaming and transport vouchers from providers Lords Mobile, Roblox, Deezer, Showmax, Netflix, Netflorist, Makro and others.

“We are thrilled with our progress and for us the success of the pilot programme, which we benchmarked by exceeding our target within six months, is the nod we needed to move forward,” Ngwenya says.

“There are a few more exciting partnerships and additions that we will announce soon that we believe we put us in good stead to be positioned as a solid player in the fintech space in the near future. Inclusion isn’t a buzzword for us; we know our customers well and the needs they have. That is why a bank account isn’t a requirement to send or access funds through Telkom Pay, for example.”

Commenting on future plans, Ngwenya says Telkom has concluded a heads of agreement with the low-cost investment platform, EasyEquities, through which the company will be launching investment services with Telkom Pay to deliver an ecosystem of investment services to customers.

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