Insurance group Momentum has launched an e-wallet app called Multiply Money – an additional benefit to its Multiply rewards programme where members can earn cash back for everyday transactions.<\/p>\n
According to the group, because of the adverse economic conditions South Africans are facing, the best reward they can get is to receive actual money that they can use in a pinch, which led to the development of this latest ‘cash-back’ programme.<\/p>\n
The Multipy rewards programme already offers discounts and rewards for members making purchases and using the services of partner companies, through its lifestyle management platform.<\/p>\n
Members can now get rewarded with real cash when they do their household and grocery shopping at Pick \u2018n Pay and Dis-Chem, as well as when they shop online on the Multiply shop for items such as vouchers and big brand electronic devices.<\/p>\n
The cash-backs grow in the Multiply Money savings wallet, at a linked interest rate from the first cent. For now the interest rate stands at 5.25%, Momentum said.<\/p>\n
Alternatively, members can transfer the cash-backs to their Multiply Money payment wallet where they use it on things they actually need.<\/p>\n
Members are able to spend their cash-backs in four ways:<\/p>\n
All these transactions can be managed via the Multiply Money mobile app, the group said.<\/p>\n
The app also provides members with digital money management tools, giving them a consolidated view of their Multiply Money wallets and automatically categorising expenses for smart money management.<\/p>\n