Spot Money launches South Africa’s first Open Banking offering
Spot Money offers locals a mobile open banking platform that integrates with various bank and payment services.
Described as a positive move for the South African fintech (an innovation that aims to compete with traditional financial methods in the delivery of financial services landscape) Spot Money’s Open Banking marketplace will “bring a new dimension to enabling consumers to manage and control their money,” according to the company CEO.
The move follows the 2020 acquisition of Virgin Money South Africa, and central to the rebrand of the company is the launch of the latest version of the Spot banking app.
‘Significantly revised offering‘
Andre Hugo, the man at the helm of the Spot Money business said the app was a significantly revised offering that would introduce Spot’s entry into Open Banking and 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. 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.”
Hugo said an Open Banking marketplace would bring a new dimension to enabling consumers to manage and control their money.
“An Open Banking marketplace gives consumers more choice when it comes to managing their money. It’s a marketplace where highly personalised financial services such as loans and insurance are coupled with lifestyle services, rewards, and a wide range of value-added services,” he said.
Create accounts from home
Spot Money allows customers to instantly create no-monthly-fee bank accounts and virtual cards from the comfort of their home.
The platform offers a number of useful features, said Hugo speaking at the launch, adding that the Spot Money platform, that the Spot application was designed to be a super-app, combining payment features, digital banking functionality, and a financial services marketplace.
- Loans and insurance – Offered by a selection of financial service providers through Spot Money’s open banking marketplace.
- Money transfer – Send cash to other Spot users at no charge.
- Tap to pay – Supported by the Spot debit card and NFC-enabled Android devices (launching soon).
- QR code – Support for QR code payments from all major platforms, including Snapscan and Zapper.
- Cashback rewards – Earn cash back on purchases when shopping at Spot cashback partners.
Users can also get car insurance or life and funeral cover quotes through the Spot Money application.
Hugo said Spot Money is a powerful digital banking app with support for modern features such as virtual cards, while also offering a marketplace for various financial services such as insurance, loans, and more.
Registering for a Spot Money account can be done entirely on the application, with users scanning their ID as well as taking selfies which are processed through Home Affairs before the application is processed.
“Once users sign up for an account, two accounts are automatically created – a primary account and a reward wallet.”
“Each time you pay at one of our reward partners, you automatically earn cash back into your reward wallet.”
Users can also create multiple wallets that have their own virtual cards for online shopping and other once-off payments, as well as subscription services.
The Spot Money app is from the Apple App Store, Google Play Store, and Huawei AppGallery.
Spot Money offers a digital bank account with no monthly fees or card fees.
Users can order a Spot debit card delivered for free upon opening their account, and payments with this card incur no additional charges.
Spot does however have transaction limits:
- Daily – 15 transactions – total of R30,000
- Monthly – 90 transactions – total of R50,000
- Yearly – 1,080 transactions – total of R600,000