Mimoney offers a virtual cash equivalent to card payments
mimoney is a South African virtual cash equivalent that is leading the way globally by allowing users without credit cards to make purchases online.
“What sets mimoney apart is that it is not simply a wallet, but rather a real electronic currency that can be utilised to make purchases at an increasing number of retailers,” says John Campbell, Business Manager for mimoney.
The team behind mimoney were adamant that the product be completely free of convenience charges for the user, so a R100 note converts into a R100 mimoney electronic voucher, received as a text message on the user’s phone, with no leakage whatsoever.
Merchants that accept mimoney payments are Mr Delivery, Mxit, eXactMusic, eXactMobile and Kalahari.net. A large roll-out to numerous other retailers, both online, call centre and in store is coming soon says the company.
mimoney’s next step is to introduce a wallet which will be loaded onto the phone to make payments easier. It will then be possible, for example, for youngsters to start mini-businesses and use mimoney as the payment mechanism between themselves, their customers and their suppliers. Businesses can convert mimoney back into cash by setting up a basic account with Standard Bank for these purposes.
The mimoney self-service terminals will soon be up and running all over the country and will perform as multifunction terminals, offering not only mimoney, but also music and airtime, and the opportunity to pay for electricity and water. These terminals will carry no extra transaction fees.