Virgin Money, a registered financial services provider, has launched a peer-to-peer payment application, Virgin Money Spot.
Virgin Money Spot makes sending and requesting money from friends as easy as sending a text message. Users can download the app, link their Internet-enabled card from any South African bank, enter a security PIN and exchange money with friends – instantly, securely and for free, the company said.
If a user’s card is linked to a bank’s rewards programme, they will earn points for payments made via Virgin Money Spot, as if they were using their card. Every Virgin Money Spot user is issued with a unique code that they can use to refer friends. Each time someone registers using their code, they’ll both be rewarded with R20 from Virgin Money.
Virgin Money Spot is a 3D Secure payment solution that uses data encryption and PIN-protected payments to provide the simplest, safest and most secure experience possible. Users will only need to load their card details once and will then approve transactions with their unique PIN.
They’ll receive notifications each time they make a transaction or are sent money.
Spot was developed in partnership with mobile software company, wiGroup. Last week, it was announced that the Virgin Group had invested in the Cape Town-based firm, which will use the funds to fast-track its expansion into emerging and developed markets.