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App gives Momentum clients digital rewards

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 26 Oct 2018
Momentum's e-wallet app allows users to earn cash back rewards and discounts.
Momentum's e-wallet app allows users to earn cash back rewards and discounts.

Insurance group Momentum's Multiply has launched an e-wallet app that will help members earn cash and rewards for making purchases and using its partner services, bringing health and fitness, safety and finances into one platform.

Multiply is a wellness and rewards programme that helps Momentum clients make the right choices to live a better, healthier life, while also earning cash rewards and discounts for every transaction they make.

The programme competes with insurance group Discovery's Vitality health programme, which rewards clients for living well.

The Multiply Money app allows users to receive cash rewards when they do their household and grocery shopping at Pick n Pay and Dis-Chem, as well as when they shop online on the Multiply shop, according to Momentum.

It provides members with digital money management tools, giving them a consolidated view of their Multiply Money wallet and automatically categorising expenses for smart money management.

"Multiply by Momentum is the only fully integrated lifestyle management platform that brings health and fitness, safety and finances into one platform and offers rewards on both partners' and Momentum's products," explains Zureida Ebrahim, CEO of Momentum Client Engagement Solutions.

"The cashbacks earn a competitive interest rate and can be spent anywhere in SA."

According to the seventh Momentum/UNISA Household Financial Wellness Index, 74% of South African households were financially unwell in 2017, indicating the majority of South Africans are clearly in financial crisis.

With South African consumers that are heavily indebted, establishing a culture of saving and smart spending has never been more crucial, notes Momentum.

US-based online payments firm PayPal says there is a growing appetite for South Africans to use digital wallets as a payment method. In March, the company released the findings of its survey focused on mobile payments in SA.

"Our survey has shown South Africans want to shop online via their mobile devices," said Efi Dahan, GM of PayPal for Russia, Middle East and Africa, at the time.

"We found that many are already using their phone as a digital wallet, going so far as leaving their wallets behind to do all their transactions with their phone."

Multiply members are able to spend their rewards in four ways via the Multiply Money mobile app: paying on the Multiply online shop, swiping their Multiply Visa card in store, making mobile payments and sending money to other Multiply members.

Megan Harrison, Multiply by Momentum's executive head of transactional banking, says: "Ultimately, what South Africans need is cash back into their pockets, which they can use to save for an emergency or until they have a lump sum that can be used for long-term investments.

"These cashbacks grow in the Multiply Money savings wallet, at a linked interest rate from the first cent; for now it stands at 5.25%. Alternatively, members can transfer the cashbacks to their Multiply Money payment wallet where they use it on things they actually need."

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