Virgin Money enables cashless payments with national retailers

Virgin Money has signed agreements with a number of businesses where customers can pay for goods and services directly using its digital peer-to-peer (P2P) payment app, Virgin Money Spot.

Wherever customers see a ‘Pay with Spot’ sign, they can click the ‘Pay a merchant’ button and choose between three methods of payment; scan a merchant’s QR code displayed on the bill; generate a unique QR code to be scanned by a merchant; or provide a manual code for a merchant to enter into their POS system.

The list of businesses where users can pay using Spot now includes: Burger King, Cellucity, Hi-Fi Corporation, Hungry Lion, Incredible Connection, Outdoor Warehouse, Primi, Sportsman’s Warehouse and Vida e Café.

Additionally, Spot customers can purchase airtime and data bundles directly within the app, using either money in their Spot Wallet or their linked bank card for the purchase, the financial services company said.

Virgin Money SA CEO, Andre Hugo said the initiative reflects a growing demand for cashless payment options. “If you look at the rapid growth in the number of Spot users in recent months, it’s clear that people love the convenience of paying for things and exchanging money on a device they always have with them – their mobile phone,” he said.

“We’re building out the national network of merchants who accept payment via Spot rapidly in the coming months. Additional value-added products such as municipal bill payments will also be added to Spot soon.”

The number of Spot customers has grown by 2,291% in the last 31 days, and P2P transactions have increased by 11.197%, Virgin Money said.


Read: Virgin Money claims first retail micro-token exchange in South Africa

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Virgin Money enables cashless payments with national retailers