South African supper app VodaPay, which is operated by Vodacom, has launched a feature that makes the platform to look like a bank.
Two new Deposit and Send Money services have been added to the VodaPay super app, according to Vodacom Financial and Digital Lifestyle Services.
“VodaPay’s new Deposit and Send Money services support our intention to accelerate digital and financial inclusion. Both banked and unbanked users can deposit and/or send money from their VodaPay Wallet, securely, cost-effectively and instantly. By building broader, more convenient offerings onto VodaPay, such as deposit and cash-out networks, we aim to enable more people to use and benefit from digital financial services,” says Mariam Cassim, Chief Executive Officer of Vodacom Financial and Digital Lifestyle Services.
VodaPay’s Deposit Money function makes it possible for users to add cash for free into their VodaPay Wallet through Vodacom stores and selected national retailers such as Pick n Pay and Pick n Pay Express, Boxer, PEP, Ackermans, Makro, Rhino Cash ‘n Carry, Game, Builders Warehouse and Cambridge Food. Customers can even deposit money to their VodaPay Wallet at their nearest Spaza shop through Kazang merchants. With cash loaded in their VodaPay Wallets, customers can buy products or make payments online with VodaPay as well as earn rewards or take advantage of great daily deals.
Customers can use the money in their VodaPay Wallets to buy electricity, airtime and data, as well as to pay bills without incurring extra charges. The digital Wallet also offers a secure way for users to store their money as it eliminates the need to carry cash.
“While digital payments are growing in South Africa, we understand that cash is still an important part of many of our customers’ daily financial transactions. For both unbanked and banked customers who want the convenience and unmatched benefits of the VodaPay Wallet, the Deposit and Send Money service is a convenient and secure method to store and access money. We have also chosen specific partner channels that make the service even easier and simpler to use,” adds Cassim.
To use the Send Money service, the sender needs to log into VodaPay, select the Send Money option, choose a cash-out partner and specify the amount they wish to send to the receiver. Once the money has been sent, the receiver, can withdraw the physical cash from the chosen cash-out outlet. VodaPay cash-out partners include Pick n Pay and Kazang, as well as Cash Express ATMs and OTT agents. There is no limit to the amount of cash that may be sent, but a fee of R8 plus 1% for money withdrawn at retailers and a fee of R8 plus 2% for money withdrawn at ATMs will apply.
VodaPay makes it possible for people to deposit money into a VodaPay Wallet, then use that money to make payments, transfer money or buy products from a variety of retailers. Some of the partners on VodaPay include brands such as Makro, Builders’ Warehouse, Clicks, Edgars, Game, Exclusive Books, Hirsch’s, Kit Kat, KFC, TravelStart, Afritrails, Booking.com, Wimpy, Sorbet, FlightSite, NetFlorist, Planet54, Flook and OneCart). VodaPay is available to customers across all mobile networks in South Africa, and users can use their debit or credit cards to transact on the app.
“As we continue to innovate and seek digital solutions for our customers, we look forward to bringing even more offerings to VodaPay as the year continues,” concludes Cassim.
