Financial Technology (FinTech) innovations have begun taking over traditional banking-related activities like payments (including cashless payments), lending, deposits, asset management, and, to an extent, advisory services. The impact of the Covid-19 Pandemic has ushered in a significant interest in FinTech, allowing several companies to invest in newer technological trends with ease.
Telkom launched “Telkom Pay” which is a digital wallet service that runs through WhatsApp as a POS (Point-of-Sale). Users must simply add Telkom Pay on WhatsApp using 068 483 5566, which runs through an automated reply service, dependent on what the user intents to do. Once registered, users can pay others by using their cellphone number, or they can request payment by the “Please Pay Me” option. Telkom went on to state that the service will allow users to pay their for airtime, data, and electricity bills using the service. To ensure authenticity and security, users must verify their accounts with a South African ID number.
Users can add funds to their Telkom Pay Digital Wallet via EFT, Nedbank ATM, or at a Pick n Pay store, while withdrawals are possible from Nedbank ATMs and Pick n Pay till points. Telkom will charge users a flat fee of 2.5% for transactions and card top-ups. Monthly cash deposits and withdrawals are limited to R24 000 per user, while daily cash deposit and withdrawal limits at Pick n Pay till points are limited to R3 000. Pick n Pay deposits will cost users R6 and withdrawals will cost R10. Telkom has also launched two devices included in the Telkom Pay offering namely; Telkom Pay Pebble and Telkom Pay Blade at different Data offers.