Telkom has launched a digital wallet that allows users to pay others and get paid themselves using their mobile phone and WhatsApp.
Called Telkom Pay Digital Wallet, or Telkom Pay for short, the wallet allows people to send money to anyone in their contacts list. It also serves as a cashless point-of-sale payment option for businesses.
In a statement on Wednesday, Telkom managing executive for financial services Sibusiso Ngwenya said: “We are launching financial services solutions that cater to everyone and that are easy to access through one’s phone, 24/7, at an affordable price for consumers and businesses.”
The move, Ngwenya said, signals Telkom’s seriousness about being a meaningful player in financial technology.
Here’s how it works: Users with WhatsApp can add Telkom Pay in the app, register, and can then send and receive money by sharing a “please pay me” with a contact or using a cellphone number to send money.
Telkom Pay also allows customers to buy airtime, data and electricity.
“For those reluctant to carry cash on them all the time, the wallet allows for easy payments by simply scanning and paying for goods with QR codes at their favourite stores. To continue transacting on Telkom Pay, users must top up their wallets via EFT, Nedbank ATMs or at any Pick n Pay store,” Telkom said.
Users on other mobile networks can also access and use the platform.
Telkom didn’t immediately disclose the fees the service attracts or what transaction limits are in force — TechCentral has asked for this detail and will update this article once the information is received.
“Transacting through the Telkom Pay Digital Wallet only requires registration and funds in the account, and customers can link any bank card to the platform. Payments can be done anytime and will reflect immediately,” the company said.
To register, consumers must save the Telkom Pay number (+27-68-483-5566) as a contact on their phone and start a chat on WhatsApp by typing “Hi”. — (c) 2020 NewsCentral Media