New digital financial institution Spot Cash begins in South Africa

Officially launched in South Africa, Spot Money offers locals a mobile open banking platform that is integrated with various banking and payment services.

The platform was born from Virgin Money SA, from which it was renamed in December 2020 after Absa’s suspension of the Virgin Money SA credit card.

With Spot Money, customers can instantly create bank accounts and virtual cards from home with no monthly fee.

The platform offers a number of useful features including:

  • Loans and Insurance – Offered by a selection of financial service providers through the Spot Money open banking market.
  • money transfer – Send cash to other Spot users for free.
  • Tap to pay – Supported by the Spot debit card and NFC-enabled Android devices (coming soon).
  • QR code – Support for QR code payments from all major platforms including Snapscan and Zapper.
  • Cashback rewards – Earn cashback on purchases when you shop with Spot Cashback partners.

Users can also receive quotes on auto insurance or life and funeral insurance through the Spot Money application.

Find the super app

At a press conference to mark the launch of the Spot Money platform, CEO Andre Hugo said the Spot application was designed as a super app that combines payment functions, digital banking functions and a financial services market.

He said Spot Money is a powerful digital banking app that supports modern features like virtual cards while also providing a marketplace for various financial services like insurance, credit, and more.

Registration for a Spot Money account can be done entirely in the application, allowing users to scan their ID and take selfies which will be processed through Home Affairs before processing the application.

“As soon as users sign up for an account, two accounts are automatically created – a primary account and a reward folder,” said Hugo.

“Every time you pay with one of our award partners, you will automatically receive money back into your award wallet.”

Users can also create multiple wallets that have their own virtual cards for online purchases and other one-time payments, as well as subscription services.

Spot Money will also soon be releasing a Shared Wallet feature that will allow users to distribute money across multiple Spot accounts.

The Spot Money app is available for download from the Apple App Store, the Google Play Store and the Huawei AppGallery.

Fees and debit card

Spot Money offers a digital bank account with no monthly fees or card fees.

Users can order a Spot Debit Card and it will be delivered free of charge when their account is opened. There are no additional costs for payments with this card.

Spot includes transaction limits for its account as follows:

  • Every day – 15 transactions with a total of 30,000 R.
  • Per month – 90 transactions for a total of 50,000 R.
  • Yearly – 1,080 transactions with a total of 600,000 R.

The fee structure for the Spot Money accounts is shown below.

This article first appeared on MyBroadband. You can read the original Here.

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