Virgin Money, a registered financial services provider, wants to change the way friends exchange money, with its peer-to-peer payment application, Virgin Money Spot. Users can download the app, link their Internet-enabled card from any South African bank, enter a security PIN and exchange money with friends.
“We want to make sending and receiving cash simple. Now you can spot your friend for the meal you shared, or the bet you lost, or your contribution to the grocery bill. You simply spot them the money through the app and we transfer it directly from your bank account to theirs, no fees. It’s that simple,” says Zeyad Davids, CMO of Virgin Money. “Virgin Money Spot removes the hassle of exchanging banking details for EFT payments and lets users send money safely by simply entering a phone number or tapping a name on their contact list.”
If a user’s card is linked to a bank’s rewards programme, they will earn points for payments made via Virgin Money Spot, as if they were using their card. Every Virgin Money Spot user is issued with a unique code that they can use to refer friends. Each time someone registers using their code, they’ll both be rewarded with R20 from Virgin Money.
Virgin Money Spot is a 3D Secure payment solution that uses data encryption and PIN-protected payments to provide safe and secure experience possible, according to the company. Users will only need to load their card details once and will then approve transactions with their unique PIN. They will receive notifications each time they make a transaction or are sent money.
Spot was developed in partnership with mobile software company, wiGroup, the largest mobile transactional platform in Africa that wants to simplify and improve the way the world transacts. Last week, it was announced that the Virgin Group had invested in the Cape Town-based firm, which will use the funds to fast-track its expansion into emerging and developed markets.