A South African FinTech Startup has launched a web-based platform for either accumulate discounts in cash or realise instant discounts when data or airtime is purchased from the platform.
PrepaidWealth.com is like a Stokvel for data and airtime.
The platform enables a user/s to form own group or join one, such as stokvel, church, school, work department, WhatsApp group, soccer and jogging team, etc.
Everyone in the group spends on data and airtime, separately according to their needs. However, the accumulated discounts are aggregated. This makes the cash to grow faster and significantly.
The accumulated cash can be withdrawn from PrepaidWealth.com once the money is more than R200. It can be used for anything.
The data and airtime provided on PrepaidWealth.com is from mobile service providers: Vodacom, MTN, CellC, Telkom, and Virgin Mobile.
The discounts provided vary from 1.5% to 9.5% and therefore one can assume an average discount rate of 5%. The discount rate is used to accumulate cash for a group account. It is also used to offer discounts for an individual account.
“The platform is targeted at everyone who buys data or airtime. Stokvels and other formal groups in general can, for example, accumulate cash that can be used to sponsor their year-end functions,” – Gabriel Nkuna, co-founder of PrepaidWealth.com, said on Wednesday.
There are two types of accounts that can be opened on PrepaidWealth.com for free; namely, a Group Account or an Individual account.
A Group Account accumulates cash for members of the group whereas an Individual account provides instant discounts.
An Individual Account offers data and airtime at a discount and therefore makes it ideal for a person who wants to sell airtime and data. It is also ideal for a person who wants instant discounts.
An individual who wishes to accumulate cash, instead of getting instant discounts, can simply register for a group account and never invite anyone to join the group.
The platform also provides prepaid electricity services as well as services from Mozambique Vodacom and Econet Mobile.