Standard Bank and Primedia has launched a virtual mobile wallet, mowaly, a cell phone application that can be accessed by phone or Web browser that lets users access and transact with the bank's virtual currency, mimoney.
“mowaly is an innovation that we at Primedia are proud to be a part of," comments Kuben Pillay, CEO of Primedia.
The company launched Primedia Business Solutions earlier this year and mowaly is its first business venture.
mimoney can be used like real cash to buy real things from physical or online shops, and mowaly allows users to access and manage mimoney.
Registration to mowaly is simply via an SMS.
Users can then load their cell phone with money in a number of ways:
* Standard Bank customers can buy mimoney from AutoPay or by using Internet banking;
* mowaly users from other banks need to set up mimoney as a beneficiary; or
* Self-service terminals are situated at Ster- Kinekor theatres or users can load mimoney at the cashiers.
Importantly, using mowalÿ to shop costs nothing, whether over the Internet or in a physical store.
In addition, users don't have have a bank account and, because registration is via a cell phone, there is no need to fill in any paperwork.