First National Bank has integrated its eWallet service into Mxit Money to create FNB Moola+, enabling users to buy Moola at discounted prices.
FNB Moola+ enables Mxit users to buy Moola, Mxit’s online currency, at discounted rates. The result is 35% bonus Moola for every Rand spent compared to buying it via Premium Rated SMS.
On 15 August, Mxit and Standard Bank announced they had joined forces to provide real money transactions through Mxit Money.
This latest Mxit Money partnership gives Mxit’s 10 million active South African users yet another banking service with which to transact on the social network.
FNB eWallet allows any South African with a valid cell phone to perform various financial transactions. Yolande van Wyk, CEO of FNB eWallet Solutions says ‚”eWallet is more than just a money transfer solution and we are continually extending the functionality. With the integration into Mxit we are taking advantage of the micropayment potential of Mxit Moola.‚”
‚”Moola is a critical piece of this puzzle,‚” says Alan Knott-Craig, CEO of Mxit. ‚”As Mxit’s platform strategy matures, there will be more opportunities to interact with applications, games and content and this will be done using our online currency.‚”
‚”One of the greatest challenges to mobile commerce is cost-effectively getting money into the system. Traditionally the only way to get real money into our ecosystem was to use premium-rated SMS services. This is an expensive solution and puts a lot of pressure on Mxit to provide fair value to the user while still recouping its costs. The partnership with FNB means that we can now offer our users even more value.‚”
‚”This will have a positive knock-on effect into our partner network. The more Moola our users have to spend, the better for each developer of the various games and services,‚” says Knott Craig.
Standard Bank announced last month that Mxit users would be able to send money to each other for free, as well as to anyone with a cell phone for a nominal fee. They can deposit and withdraw cash, buy Mxit Moola, airtime and electricity using money from their Instant Money account via Mxit Money.
Instant Money is an electronic currency from Standard Bank used predominantly for person-to-person money remittances where one or both parties are usually unbanked. Instant Money is also used to facilitate online payments without the need for a credit card or bank account.
How FNB Moola+ works:
Step 1: Mxit users: Add ‚’fnbmoola’ as a contact on Mxit
Step 2: User link their existing FNB eWallet to Mxit by following the easy on screen instructions. Money can be loaded from any FNB account (except credit cards) via Cellphone Banking, Online Banking, the FNB Banking app and FNB ATMs
Step 3: Use FNB Moola+ to buy Mxit Moola. Users immediately receive their bonus moola
How to activate the eWallet Service via your cellphone
To access eWallet *120*277#
Link to Provider
Select to link to Mxit
Confirm your Mxit ID
Accept your terms and conditions
A standard R2 fee is charged for any financial transactions on an eWallet.
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