Standard Bank and Mxit launch mobile money service

Standard Bank and Mxit have partnered to bring real money transactions through a new mobile commerce platform.

Mxit has long-served as a platform for transactions involving Moola – Mxit’s native currency – and has now extended the platform to facilitate online payments for real-world purchases.

From Wednesday (15 August 2012), Mxit users will be able to send money to each other for free using Mxit Money. Users will also be able to send money to anyone who has a cellphone for a fee.

Mxit Money is a gateway for mobile payment services that enables users to transact with their mobile phones. Users can access Mxit Money as a contact within the Mxit platform or by downloading the stand-alone iPhone application.

The new mobile commerce platform makes use of Standard Bank’s Instant Money services, which is an electronic currency used between people who are unbanked, without the need for credit cards or bank accounts.

The real-world applications of the platform allow for Mxit Money users to deposit and withraw cash from their Instant Money accounts, as well as buy Mxit Moola, airtime and electricity.

The initial roll-out will for the service will be limited, Mxit said. Mxit users can register on the Mxit Money contact screen or via the iPhone app and once a space is available, they will be notified.

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Standard Bank and Mxit launch mobile money service