Virgin Money has launched a peer-to-peer payment app called Spot. The app lets you transfer funds from your linked bank account to a friend’s linked bank account but without the fuss of swapping banking details, as it uses mobile numbers for identification. Of course, P2P mobile payments aren’t new, but there are several benefits to this platform that mean it just might make a dent in the SA market — where so many others have tried and failed (or enjoyed only middling success). First, Virgin Money is a registered financial services provider, and a recognised brand. It already has a foothold in SA, offering credit cards, car and home insurance, and funeral cover. Second, the app works with any Internet-enabled banking card, so there is no self-limiting potential customer base. From a security perspective, the app uses 3D Secure when you add your card, which is a verification process preferred by Mastercard and Visa, and this is enabled by a one-time PIN that 3D Secure sends you. You ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.