Product of the Day
Cash-to-digital voucher launches in SA
1Voucher from Flash Group and Ecentric offers a new method for cash-based customers to digitalise their currency, without a bank account.
1Voucher, a prepaid payment voucher that converts cash into digital currency, is now available in South Africa. Developed through a partnership between fintech company Flash Group and payment service provider Ecentric, 1Voucher enables the digitisation of cash when purchased at a retailer within their network.
Subsequently, the 1Voucher 16-digit PIN can be used to complete in-store transactions, without a bank account or credit/debit card. The product aims to create greater opportunities for merchants and consumers by making it easier for cash-based customers to engage in the modern economy.
When using 1Voucher as a payment method in store, consumers benefit from enhanced security, as they do not need to carry cash. Instead, they can rely on their slip, which holds the equivalent value.
At no transaction fee, customers can send the voucher to others by sharing the PIN via SMS, WhatsApp, email, or the 1ForYou app.
For merchants, integrating 1Voucher as a payment option means reaching new customers who were previously reliant on cash-based transactions, and provides consumers with a safe, cash-free way to make in-store purchases.
Ecentric will be enabling its merchants to accept 1Voucher as tender online in the future.
“We’ve always aimed to make people’s lives easier through technology, and this partnership with Ecentric allows us to extend that vision even further,” said Ruan Geyser, GM at 1Voucher.
“Ecentric’s integration with several of SA’s largest retail partners positions our partnership to provide valuable access to these markets. By integrating 1Voucher into Ecentric’s payment ecosystem, we’re opening doors for cash customers who’ve historically been excluded from digital payments.”
Inge Oosthuizen, product owner at Ecentric, said: “Partnering with Flash Group aligns with our mission to deliver innovative, secure, and accessible payment solutions, meeting consumers where they are at. By offering 1Voucher as a payment mechanism, we’re empowering consumers who prefer to use cash while providing merchants with access to an untapped customer base.”
* Visit the 1Voucher website here.
