Spot Money has officially launched and is said to be our country’s first Open Banking offering in the South African fintech landscape. For those who aren’t aware, this move follows the 2020 acquisition of the Virgin Money South Africa business by a leading South African private equity firm that is in partnership with the local executive management team.
Driven by the latest version of the app, the rebrand of the company doesn’t include a change in the local management team with Andre Hugo set to continue at the helm of the Spot Money business as CEO. The app however was significantly overhauled and revised in order to introduce Spot’s entry into Open Banking. The move heralds the beginning of a fundamentally different business strategy as the company drives fintech forward in South Africa.
“There is more to the future of financial services than making current products and services digital. Spot Money will introduce South Africans to a true Open Banking marketplace,” said Hugo. “As a fintech, our aim is to service the full spectrum of a consumer’s financial needs in a single customer-centric platform, giving them the choice to transact seamlessly and review tailor-made financial offers based on their unique needs.”
Interestingly, Spot is bank neutral and will instead partner with a range of financial services providers while being anchored by the banking industry and functioning in association with Bidvest Bank. The new Spot app has been developed using Mastercard’s technology which allows it to issue physical and virtual Mastercard prepaid debit cards. This essentially means you can conveniently transact at any retail location that accepts Mastercard, quite handy right?
The Spot app provides an intuitive mobile transactional account with no monthly account fees.
The app will also enable direct contactless mobile phone payments using Mastercard’s tokenisation technology, aligned with the world’s growing adoption of contactless transactions.
Customers will be able to order, within the app, a physical Spot prepaid debit card which is tap-to-pay enabled for contactless payments.
Spot also features Mastercard’s Scan to Pay functionality, which enables users to scan any Masterpass-enabled QR code in South Africa for the purchasing of goods and services.
Spot is the only app that gives customers the ability to Scan to Pay all of the major QR code payment types – Masterpass, SnapScan, wiCode and Zapper.
“We are committed to leveraging our innovative product and platform suite to accelerate the fintech space in South Africa. Our strategy across the MEA region has been to drive innovation through partnerships and we are excited to partner with Spot on the first Open Banking powered offering that provides a superior customer experience with safety and security at its core. As a technology partner of choice, Mastercard continues to develop market-leading solutions to drive digital transformation,” said Amnah Ajmal, Executive Vice President for Market Development MEA at Mastercard.
The good news is the Spot Money app is now live on all major app stores, namely Apple, Google Play Store and, yes, Huawei’s AppGallery.