A new mobile payment app, Slide, has been launched into the South African market, based on Venmo, a US payment platforms owned by PayPal that processes $25 billion in person-to-person payments annually.
According to co-founder Irshad Kathrada, making a payment is as easy as sending a message. “It saves you having to carry cash or knowing someone’s bank account details. It also doesn’t matter which bank or mobile network operator the sender or receiver uses.
“Slide is ideal for parents sending money to their children and for sharing costs like rent, concert tickets or a restaurant bill. A worker who wants to send money to his family within SA can now do it at no cost.”
Another benefit is that Slide is social – it looks like a WhatsApp or Facebook message when you use it and you can even send payments with emojis.
Slide links with your contacts so you can choose who to pay or add a new contact with a cell number or email address. “Then simply add how much you want to pay, personalise your payment with a message, and authorise and send the money by selecting the bank you are with. Payments are funded using EFT secure technology direct from the sender’s bank account, the startup said.
The recipient will be notified by SMS and email and then prompted to download the app. The money can be cashed out at any time to his or her bank account with one click. The money typically appears the next business day irrespective of bank. The sender will get a confirmation that the funds have been received.
Slide makes use of the highest level security protocols, the company’s owners sai. Payments into the Slide network use the same security protocols as internet banking. Payments from a bank are facilitated by CallPay under the highest level encryption, with advanced compliance levels.
The company has been funded and developed by its founders: Irshad Kathrada, who after getting his finance degree worked for JP Morgan in Johannesburg, London and New York; Terence Goldberg, who holds a Masters degree in Mathematics and a second Masters degree in Finance from Cambridge University who worked in Toronto and San Francisco; and Dr Alon Stern, who moved to the US from South Africa on a Fulbright scholarship where he worked at Princeton University.