To improve service delivery through digitisation, Standard Bank Insurance has implemented a new automated payment system to ensure that its Insurance service providers receive…
SendSpend, an app that lets users without bank accounts or cards send and receive money, has officially launched in South Africa.
The payment solution was created by two South Africans, Tracy Andersson and Graham Davies, who wanted to make services more accessible to unbanked people around the world.
The company, based in London, provides a global payment system that acts as an online payment and remittance system.
South Africa is the first market to receive access to the app, after a controlled beta period since August 2020. In April, the app debuted with its official full launch.
Users don’t need a bank account or card to use the service. Rather, all they need is a smartphone, an internet connection, and the SendSpend app.
“We want to enable economically marginalised consumers to participate in the digital economy by having access to financial services,” SendSpend Group Director and co-founder Tracy Andersson said in a statement.
The payment solution isn’t limited to particular mobile operators either. This allows users to send and receive money from others, regardless of the network they belong to.
How SendSpend works
Currently, the app is only available in South Africa for Android smartphones. However, it will roll out to the UK by the end of Q2 and India in Q3, according to the company.
“As soon as SendSpend launches in a country, uses will be able to make use of the international payments (subject to country rules on international transactions),” the company says.
So for now, users will only be able to send and receive money in South Africa. But over time, this will expand to other territories.
Users create an e-wallet using the SendSpend app. The app is free to use and there are no setup or monthly fees. Payments and transfers are also free for personal use customers.
The app enables instant payments using a customer’s phone number, as well as online payments. Users can also buy prepaid data and electricity in the app.
At stores that have SendSpend Cash In/Out Agents, customers will be able to make cash withdrawals. SendSpend Agents can also accept payments in the app at their store, including QR code payments.
To register an account, you will need to provide your ID number.
Feature image: Andrea Piacquadio/Pexels