Spot Money taps into multibank contactless payment trend
Spot Money launches SA’s first open banking marketplace for personalised financial services lifestyle products
Spot Money has launched SA’s first open banking platform.Previously called Virgin Money Spot, it has now rebranded to Spot Money after a 2020 acquisition from a local private equity firm.Open banking refers to a banking platform that is not aligned to a specific bank.As part of the rebrand, it launched a revised version of the Spot app using Mastercard technology, which allows it to issue virtual and physical prepaid debit cards. The cards are tap-to-pay enabled for contactless payments, and can be ordered through the app.Andre Hugo, CEO and co-founder of Spot Money, says being bank-neutral means it can partner with a range of financial service providers, bringing a new dimension to the way consumers manage and control their money."It’s a marketplace where highly personalised financial services products such as loans and insurance can be coupled with lifestyle services, rewards and digital products, to name a few."Hugo also says via LinkedIn that before Covid-19 came along, 2020 w...
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